Zelle plans to enable international money transfers using stablecoins

[Using various international payment apps on mobile phones]
lixu/iStock Unreleased via Getty Images

Bank-owned digital payment network Zelle is planning to expand beyond U.S. borders, using stablecoins to power faster cross-border transfers, Early Warning Services LLC, the parent company of Zelle, said in a statement Friday.

The new offering will be made available to every Zelle bank, comprising the likes of JPMorgan Chase (JPM [https://seekingalpha.com/symbol/JPM]), Wells Fargo (WFC [https://seekingalpha.com/symbol/WFC]) and Bank of America (BAC [https://seekingalpha.com/symbol/BAC]).

"Our goal is to bring the trust, speed and convenience of Zelle to consumers’ international money-movement needs,” Early Warning Services Chief Executive Officer Cameron Fowler said [https://www.earlywarning.com/press-release/zelle-goes-international-early-warning-expands-1t-payments-network-stablecoin] in the statement. “With improved regulatory clarity in the US, we can focus on what we do best: driving innovation to market.”

Indeed, there is now greater certainty for financial institutions on using stablecoins in the U.S., following the approval three months ago of the GENIUS Act, a federal regulatory framework for stablecoin issuers.

Global money transfer firm Western Union (WU [https://seekingalpha.com/symbol/WU]) is actively piloting [https://seekingalpha.com/news/4508031-western-union-anticipates-150m-in-travel-money-revenue-for-2026-while-advancing-digital-asset] stablecoin-enabled solutions in its treasury operations ... "focused on leveraging on-change settlement rails to reduce dependency on legacy correspondent banking systems, shorten settlement windows and improve capital efficiency," CEO Devin McGranahan said this week during his company's Q3 earnings call.

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