- Zelle is launching a new cross-border payment service powered by stablecoins.
- The service will be available on equal terms to all participants across its network.
- Zelle is owned by major U.S. banks and serves 2,500 financial institutions.
- The app currently has 78.4 million active users and processes over $1 trillion in domestic payments each year.
- The move comes amid clearer U.S. regulations, aiming to improve speed and reliability in international transfers.
Zelle, the popular U.S.-based payments app, is introducing a cross-border payment option powered by stablecoins—digital currencies designed to maintain stable value. The service will be offered on equal terms to all users and financial institutions in its network.
The payments network is jointly owned by Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo. It serves around 2,500 financial institutions. Zelle currently has 78.4 million active users and handles more than $1 trillion in U.S. domestic payments annually.
Cameron Fowler, CEO of Early Warning Services—the company behind Zelle—said, “Zelle transformed how Americans send money at home. Now, we’re beginning the work to bring that same level of speed and reliability to Zelle consumers sending money to and from the United States, building on what we have learned from the market, our users and our network banks and credit unions.” He added that improved regulatory clarity in the U.S. is allowing the company to focus on innovation.
In a recent interview at the Semafor event, Fowler noted that Zelle‘s users are not specifically requesting stablecoins. Instead, the company aims to address customer needs, one of which is the ability to send cross-border payments efficiently.
Reports suggest that Zelle is exploring a joint bank stablecoin, which would likely share returns on reserves and transaction fees among participating banks. This approach builds on Zelle‘s existing business model, which involves earning returns on reserve balances.
The introduction of stablecoin-powered international payments by Zelle represents a significant step for one of the largest U.S. payment networks, aiming to enhance the speed and reliability of global transfers for its extensive user base.
For more information about Zelle and its new offering, see the original [source](http://The Zelle payments app is launching a new cross border payment offering powered by stablecoins).
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