Zelle Expands Abroad With Stablecoins, But Details Remain Elusive

Zelle announced plans to expand its $1 trillion US payments network internationally using stablecoins. The plan promises to make international money transfers faster and cheaper.

Doubts arise about the initiative’s substance and whether it represents yet another banking consortium’s unsuccessful attempt to adopt blockchain technology.

Zelle Moves Beyond US Borders

Zelle, one of the most widely used payment networks in the United States, is going global.

Early Warning Services (EWS), the bank-owned operator of Zelle, announced today a new initiative that aims to extend its $1 trillion payments system beyond US borders by leveraging stablecoins.

The plan promises to make international money transfers faster, more reliable, and less costly by leveraging blockchain-based stablecoin technology.

“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,” said EWS CEO Cameron Fowler in a press release.

The move represents Zelle’s most ambitious step since its domestic launch in 2017. As consumers increasingly demand cheaper and more efficient ways to send money abroad, traditional banks are under pressure to compete.