Zelle Expands Global Reach with Stablecoin Integration for International Transfers

Early Warning Services, the company behind the digital payment network Zelle, has launched an initiative to incorporate stablecoins for international money transfers.

Zelle is a joint venture formed by 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 transactions amounting to approximately $1 trillion in 2024.

«Zelle has transformed how Americans send money domestically. Now we are focusing on providing users the same speed and reliability for transfers to and from the U.S., leveraging the market experience we have gained,» stated Cameron Fowler, CEO of Early Warning Services.

The initiative aims to build on the network’s success in the U.S. and support its global expansion. The company hopes that by utilizing stablecoins, it can address «one of the most pressing issues» in international transfers: the secure and seamless cross-border movement of money.

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

In September, media outlets reported that Zelle’s operator is exploring the potential for launching its own stablecoin, a move already taken by rival PayPal. The market capitalization of PYUSD, 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 the pack at nearly $183 billion, followed by Circle’s USDC at $76.3 billion.

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

This year, the fintech company acquired the stablecoin platform Bridge for $1.1 billion along with the developer of Web3 wallet infrastructure, Privy.

In May, Stripe unveiled its Stablecoin Financial Accounts product, which uses dollar-backed stablecoins.

Additionally, Tether’s CEO Paolo Ardoino confirmed that the company is set to enter the U.S. market in December with a specially created regulated stablecoin, USAT.