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    Home » Sections » Financial services » FNB, Absa and Nedbank bet on money for machines

    FNB, Absa and Nedbank bet on money for machines

    Three of South Africa’s biggest banks have quietly joined the Visa- and Stripe-backed Open USD stablecoin project.
    By Fanie van Rooyen19 July 2026
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    FNB, Absa and Nedbank bet on money for machines

    Buried in the partner list of a new consortium building a dollar currency for the machine economy – backed by Visa, Mastercard, Stripe and BlackRock – are three familiar names: FNB, Absa and Nedbank.

    South Africa’s banks have quietly joined the most ambitious attempt yet to solve a problem the internet has ignored for 30 years: machines that can do almost everything except pay.

    AI agents can research suppliers, source financial data and plan complex logistics chains without human supervision – but the moment money must change hands, the internet’s rails assume a human is present: card numbers, one-time Pins, subscription logins and checkout pages.

    For agents to transact at enterprise scale, they need a neutral, frictionless currency to settle in

    Now two announcements have sketched out how that wall comes down.

    The first piece is x402, an open payment protocol built on HTTP status code 402, “Payment Required” – a placeholder reserved in the web’s specifications since the 1990s but never put to use. Launched by Coinbase in May 2025 and joined by Cloudflare that September, when the two firms announced the x402 Foundation, x402 turns that dormant code into a crucial machine-to-machine handshake.

    It works like this: when an AI agent requests a paid API, dataset or article, the server replies with a 402 response containing a price. The agent evaluates the cost against its budget, signs a stablecoin micro-transaction – typically in Circle’s USDC – attaches the proof of payment and retries the request. The whole exchange completes in a single HTTP round trip, with no subscription, no account creation and no human in the loop.

    Enter Open USD

    On Tuesday, the x402 Foundation went operational under the Linux Foundation with 40 members, including Visa, Mastercard, American Express, Stripe, Google and Amazon Web Services. The usage numbers show how different this economy looks from the one built for humans: the protocol processed about 75 million payments in the past 30 days, moving US$24-million – an average payment of just $0.32. The totals are still a rounding error next to the $40-billion Visa alone moves in a day, but no card network can process a $0.32 charge profitably. x402 exists for the payments the card rails cannot carry.

    A communication protocol is only half the puzzle. For agents to transact at enterprise scale, they need a neutral, frictionless currency to settle in – and until now that has largely meant USDC, issued and controlled by a single company, Circle, which charges tiered redemption fees on large volumes.

    Read: Quantum computers are coming for bitcoin

    That is the gap Open Standard wants to fill. Announced on 30 June, the consortium of more than 140 companies – including Visa, Mastercard, Stripe, American Express, BlackRock, Coinbase, Google and Cloudflare – will issue Open USD (OUSD), a dollar-backed stablecoin designed as shared infrastructure.

    Minting and redemption are free at any volume, reserve income flows back to the partners that drive adoption, and governance sits with a board drawn from the membership rather than a single issuer. The coin is slated to go live later this year.

    Money robot AI

    “It’s a stablecoin built for the internet economy, designed by the businesses growing it,” said Zach Abrams, Open Standard’s founding CEO, whose previous company, Bridge, was bought by Stripe for $1.1-billion.

    Crucially, Open Standard explicitly lists “agentic commerce” – enabling agents “to instantly make programmatic payments” – among its core target use cases, alongside payments, remittances and trading. Read together, x402 and OUSD look less like two separate announcements than two layers of the same stack: one moves the messages, the other moves the money.

    Read: Visa readies the rails for AI shoppers

    If a corporate mega-consortium launching a global currency sounds familiar, it should. In 2019, Facebook unveiled Libra with a similar cast – Visa, Mastercard and Stripe were all founding members – only to watch the project unravel under regulatory pressure, with the payments giants quitting within months. Renamed Diem in a bid for respectability, it sold off its assets and wound down in early 2022.

    Two things have changed. First, there is no Meta at the centre this time: Open Standard is structured so that no single company controls it, which was Libra’s original sin in regulators’ eyes. Second, the US now has a stablecoin law – the Genius Act, signed in July 2025 – giving fully reserved, regulated dollar tokens a legal foundation Libra never had. The same firms that fled Libra are now building its successor inside the regulatory perimeter, not outside it.

    The South African connection

    Alongside FNB, Absa and Nedbank, Open Standard’s membership includes pan-African exchange Yellow Card, which operates in South Africa. Standard Bank, Capitec, Discovery Bank and others are, for now, absent.

    The banks’ participation is not incidental. Visa has already enrolled South African banks in its Agentic Ready programme, and local institutions are investing heavily in agentic AI across their operations.

    Membership of Open Standard gives South African developers and fintechs a direct line to build agents capable of autonomous, cross-border micro-transactions in a stablecoin plugged into local banking infrastructure – settling in seconds on-chain rather than days through correspondent banking and Swift, though reserve bank exchange-control rules will still govern rand conversions at either end. The ground is fertile: Africa is already among the world’s fastest-growing markets for stablecoin adoption.

    Agentic commerce is nascent now, but we expect it to grow dramatically over the coming years

    The demand side looks ready, too. DHL’s E-Commerce Trends Report 2026 found that 56% of online shoppers in sub-Saharan Africa – the highest share of any region in the world – say they are likely to let AI make shopping decisions or even purchases on their behalf within the next five years, nearly double the global average of 29%.

    Local stablecoin pioneers see the same trajectory. “Agentic commerce is nascent now, but we expect it to grow dramatically over the coming years,” Simon Dingle, who helped launch ZARP, South Africa’s first rand-pegged stablecoin, told TechCentral.

    “It’s easy to imagine the volumes in agentic payments eclipsing those of traditional systems in time, as more financial activity is automated, particularly for on-chain FX, remittances, trading and other large-scale undertakings.”

    ‘Marketing jargon’

    “Bank accounts and traditional payment rails were not designed for machine intelligence, to say nothing of the regulatory burdens that create friction in traditional systems,” said Dingle. “A machine can’t open a bank account, but it can set up a crypto wallet in a flash, and begin transacting with stablecoins like USDC and ZARP via protocols like x402.”

    He drew a line, however, between “crypto-native stablecoins, like ZARP or USDT, and other instruments that use the same name and some of the same technology for something entirely different in substance, and which reintroduce a lot of the friction of traditional finance back into the digital payment space”.

    Read: AI agents are coming to your Visa card

    In those cases, he said, “‘crypto’ or ‘stablecoin’ become nothing more than marketing jargon or an attempt at regulatory arbitrage”. The genuine article lives in the open: “You’ll find actual stablecoins on open, public networks like Ethereum and Solana, and participating in ecosystems where they don’t compete with their distribution channels.” Open Standard, for its part, has said OUSD will initially run on public blockchains including Ethereum, Solana and Coinbase’s Base.

    Simon Dingle
    Simon Dingle

    There are reasons for caution. OUSD is announced, not launched, and Libra’s history shows consortiums can fracture. The Financial Stability Board has urged banks to rein in AI agents, and Visa’s own research found that only 23% of South African consumers would trust an AI agent to buy on their behalf. The agents, evidently, are not waiting for permission – 29 transactions a second and counting.  — (c) 2026 NewsCentral Media

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