Headline: Zelle Launches Stablecoin Initiative to Enhance Global Money Transfers Translation: Zelle Launches Stablecoin Initiative to Enhance Global Money Transfers

The company Early Warning Services, which manages the digital payment network Zelle, has launched an initiative to implement stablecoins for international transfers.

Zelle’s operator is a joint venture of American banks, including Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.

According to a press release, the platform processed transactions totaling approximately $1 trillion in 2024.

«Zelle has transformed the way Americans send money domestically. Now, we are beginning to work on providing users with the same level of speed and reliability for transfers to and from the U.S., drawing on the market expertise we’ve accumulated,» said Cameron Fowler, CEO of Early Warning Services.

The initiative aims to build upon the network’s success in the United States and support its global expansion. The company hopes to address «one of the most pressing issues» in the international transfer space: the secure and convenient cross-border transfer of funds through the use of stablecoins.

The project has been approved by the banks that own Early Warning Services.

In September, media outlets reported that the operator of Zelle plans to explore the potential of launching its own «stablecoin.» For instance, its competitor PayPal has taken a similar route. The market capitalization of PYUSD, introduced in August 2023, has already reached $2.7 billion.

The total market capitalization of «stablecoins» has exceeded $300 billion. Leading the pack is USDT from Tether, valued at nearly $183 billion, followed by USDC from Circle, with $76.3 billion.

Patrick Collison, co-founder and CEO of payment company Stripe, explained that the rising popularity of fiat-pegged tokens among businesses is due to faster, cheaper, and more reliable transactions compared to traditional systems.

This year, the fintech firm purchased the stablecoin platform Bridge for $1.1 billion and a developer of Web3 wallet infrastructure Privy.

In May, Stripe introduced the Stablecoin Financial Accounts product, which utilizes dollar-based «stablecoins.»

It is worth noting that Paolo Ardoino, CEO of Tether, confirmed that the company is set to enter the U.S. market in December with a specially designed regulated stablecoin, USAT.