Zelle introduced an initiative to expand its payment services beyond the United States, incorporating stablecoins to accelerate and enhance the reliability of international money transfers.
Early Warning Services, the operator of Zelle’s instant payment network, announced the launch of a program to implement cross-border payments based on stablecoin technology. The initiative aims to provide users worldwide with the same level of service that millions of Americans already enjoy.
Zelle is currently one of the largest P2P payment platforms in the U.S., processing over $1 trillion in transactions annually. Now, with the support of its member banks, Early Warning Services plans to extend this model to international markets, where the need for fast and secure transfers remains a key challenge.
Early Warning Services, the operator of Zelle, is a joint venture of a consortium of major U.S. banks including Bank of America, Truist, Capital One, JPMorgan, PNC Bank, U.S. Bank, and Wells Fargo. The Zelle network currently includes more than 2,300 financial institutions.
The initiative will use stablecoins to ensure the stability and instant nature of cross-border settlements. All banks, credit unions, and other financial institutions within the Zelle network will be able to connect to the new system on equal terms.
According to Early Warning Services CEO Cameron Fowler, the new project will make international transfers as fast and reliable as domestic transactions in the U.S. “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,” Fowler said.
The press release emphasizes that the project will comply with all regulatory requirements. Early Warning Services intends to strengthen trust in digital payments and provide users with the same level of protection they already enjoy within the national Zelle network, as regulatory clarity around digital assets continues to improve in the U.S.
