Recently, Zelle announced that it will allow international transfers using stablecoins. Zelle is a direct and fast way to send and receive money with friends, family and others. The bank-owned money transfer app is currently used by over 100 million US customers for domestic payments. Zelle is owned by Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, US Bank and Wells Fargo. The announcement comes in a generally optimistic context of the crypto market. On October 26, the total crypto market capitalization increased by more than 1% and Bitcoin crossed the $112,000 mark.
Zelle's official announcement
In the official announcement, it was revealed that Early Warning Services, the parent company of Zelle, said that the $1 trillion payment network will expand internationally by using stablecoins for cross-border transactions. This marks a major entry for US banks into the era of digital assets. As mentioned before, stablecoins are an essential part of the crypto ecosystem, bridging the world of traditional finance and the innovative universe of the Web3. As of October 26, the current market capitalization of stablecoins exceeds $316.6 billion.
Zelle becomes a direct competitor to PayPal, Wise and others
With this new move, Zelle becomes a direct competitor to established international payment giants, including PayPal and Wise, while becoming a rival to other stablecoin-based remittance services. The Zelle manager also stated that the use of stablecoins will allow the project to provide faster and more reliable cross-border money movements. Early Warning Services CEO Cameron Fowler cited improved regulatory clarity thanks to the Trump administration's legislation.
A friendlier approach to crypto in the US
This important announcement follows an improvement in the environment for stablecoins in the US following the passage of the GENIUS Act. It is also worth noting that during the last US Fed conference held on October 21, the crypto sector received considerable support, bringing optimism for the future of the industry among other factors. Join our 33,000+ subscribers. No spam, just useful info.