The Zelle payments app is launching a new cross border payment offering powered by stablecoins. The parent company is jointly owned by Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo and serves 2,500 financial institutions. The offering will be provided on “equal terms to all participants.”

“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 Early Warning Services CEO Cameron Fowler. “With improved regulatory clarity in the U.S., we can focus on what we do best: driving innovation to market.”

During a recent interview at the Semafor event, Fowler emphasized that its users are not asking for stablecoins. The focus is on solving customer problems, and one of the requests is for cross border payments.

Zelle has 78.4 million active users and processes more than $1 trillion in US domestic payments annually.

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