Zelle weighs stablecoin integration to expand its trillion-dollar payments network abroad

Widely used U.S. payment network Zelle is eyeing an international expansion utilizing stablecoin technology, according to a statement from Friday.

"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," Early Warning Services CEO Cameron Fowler said. "Our goal is to bring the trust, speed, and convenience of Zelle to consumers’ international money movement needs."

Early Warning Services operates Zelle. The company said this initiative, which is scant on details, "marks an important step in expanding the reach of Zelle globally by leveraging stablecoins." Zelle has been exploring issuing its own stablecoin, according to a report from last month.

According to Early Warning Services, approximately $1 trillion was transferred using Zelle last year. While other payment networks like PayPal and Wise handle a lot of cross-border payments, and many crypto firms have sought to compete by offering low-cost ways to move money internationally, Zelle has a massive customer base that might be interested in the ability to transfer money to other countries.

On the stablecoin front, since the U.S. created a regulatory framework for stablecoins, many major banks have signaled interest in issuing their own USD-pegged tokens. For now, Tether, issuer of USDT, and U.S.-based Circle, issuer of USDC, are the world's two largest stablecoin companies.