- Payments platform Zelle is boosting its overseas expansion with its stablecoin initiative.
Early Warning Services, LLC, announced that its payment platform, Zelle, is expanding its services. On Friday, it revealed via a press release its new stablecoin initiative, which offers faster and more efficient transactions for users.
Zelle’s Expansion
Before that, Zell’s reach used to be confined within the US. It is only available to people holding bank accounts in the country. To date, the company has grown to over 78.4 million active users. Additionally, it processes more than $1 trillion in US domestic payments annually.
Early Warning Services CEO Cameron Fowler stated they are expanding their business outside the US. Due to growing demand, they are bringing Zelle’s payments experience to international money movement.
“Zelle transformed how Americans send money at home,” said Fowler. “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.”
Stablecoin Adoption
Fowler highlighted their goal is to deliver trust, speed, and convenience to meet consumers’ international fund transfer needs. Hence, he emphasized that their company is focusing its investments on enhancing banking capabilities and harnessing global opportunities.
In a related post on LinkedIn, Fowler explained that sending money internationally should be “just as easy and secure as sending it across town.” He remarked that thanks to the clearer regulations in the US for stablecoins, the government has paved the way for Zelle to level up its services. He claimed their network of over 2,300 banks and credit unions gives Zelle an ideal launchpad for its overseas growth.
Zelle’s parent company didn’t specify which stablecoin it’s supporting under the new initiative. Our best bet would be the US-regulated stablecoins, including Tether’s USAT and Circle’s USDC. The USD1 issued by the Trump family-backed World Liberty Financial and Ripple’s RLUSD are other possible additions.
It’s worth noting that Tether, the largest stablecoin issuer in the world, has a market cap of around $183.09 billion. The figures already account for over half, or roughly 57.84%, of the global stablecoin’s overall valuation of $316.55 billion. Recently, it introduced the USAT in compliance with the GENIUS Act, as its flagship USDT has failed to align with the USA’s new stablecoin regime. The fragmentation of its USD stablecoin has generated mixed feedback from the crypto community.
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