US payments network Zelle is considering using stablecoin technology for international expansion.
US payment network Zelle is considering using stablecoin technology for international expansion. Cameron Fowler, CEO of Early Warning Services, said, "Zelle has changed the way Americans transfer money domestically. Now, we are working to provide consumers who use Zelle for cross-border remittances with the same fast and reliable service. Our goal is to bring Zelle's credibility, speed, and convenience to consumers with international remittance needs." Early Warning Services operates Zelle. The company stated that this move, which details are unclear, "marks an important step for Zelle in expanding its business globally by using stablecoins." According to a report from last month, Zelle has been exploring issuing its own stablecoin. Early Warning Services reported that transfers totaling around $1 trillion were made through Zelle last year. Despite other payment networks like PayPal and Wise handling a large volume of cross-border payments, and many cryptocurrency companies attempting to compete by offering low-cost international remittance services, Zelle has a large customer base who may be interested in the ability to transfer money to other countries.
