Zelle Aims to Revolutionize Cross-Border Payments with Stablecoin Integration Translation: Zelle Aims to Revolutionize Cross-Border Payments with Stablecoin Integration

Early Warning Services, the operator of the digital payment network Zelle, has initiated a project to utilize stablecoins for facilitating international money transfers.

Zelle is a joint venture among several American banks, including Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.

According to a press release, the platform processed approximately $1 trillion in transactions throughout 2024.

“Zelle has transformed the way Americans send money domestically. We are now aiming to deliver the same speed and reliability for cross-border transfers to and from the U.S., leveraging our market expertise,” announced Cameron Fowler from Early Warning Services.

The initiative aims to build upon the network’s success in the United States and support its global expansion. The company hopes that by incorporating stablecoins, they can address «one of the most pressing challenges» in international remittances: ensuring safe and convenient cross-border money transfers.

The project has received approval from the banks that own Early Warning Services.

In September, media outlets reported that Zelle’s operator is considering launching its own stablecoin, following in the footsteps of competitors like PayPal. The market capitalization of the PYUSD stablecoin, introduced in August 2023, has already reached $2.7 billion.

The overall market value of stablecoins has exceeded $300 billion, with Tether’s USDT leading at nearly $183 billion, followed by Circle’s USDC at $76.3 billion.

Stripe co-founder and CEO Patrick Collison explained the increasing interest in fiat-pegged tokens due to faster, cheaper, and more reliable transactions compared to traditional systems.

This year, the fintech firm acquired the stablecoin platform Bridge for $1.1 billion and a Web3 wallet infrastructure developer, Privy.

In May, Stripe unveiled a new product called Stablecoin Financial Accounts, utilizing dollar-based stablecoins.

Additionally, Paolo Ardoino, CEO of Tether, confirmed that the company will be entering the U.S. market in December with a specially created regulated stablecoin, USAT.