Zelle, a US-based digital payments network, has announced it will use stablecoins to facilitate international transactions.
The move aims to improve the speed, cost efficiency, and reliability of cross-border money transfers for millions of users.
Early Warning Services (EWS), which operates Zelle on behalf of a consortium of major American banks, stated that integrating stablecoins represents an important step in the company’s strategy to expand its services beyond domestic markets.
What is the role of stablecoins in global finance?
The integration highlights the growing relevance of stablecoins in the global financial ecosystem. Stablecoins are blockchain-based digital tokens pegged to other fiat currencies such as the USD or EUR. They are designed to maintain price stability while enabling instant, low-cost transactions across borders.
According to recent market research by Myriad, stablecoins currently hold a combined market capitalisation of approximately USD 312 billion. Analysts expect this figure to surpass USD 360 billion by early next year, reflecting strong institutional and retail adoption. Furthermore, a report by Standard Chartered projects that stablecoins could redirect up to USD 1 trillion in deposits away from banks in emerging markets within the next three years, signalling a significant shift in global liquidity patterns.
USDT, issued by El Salvador-based Tether, dominates the market with a capitalisation exceeding USD 182 billion. It remains the most actively traded cryptocurrency worldwide, ranking third in overall digital asset value. Other prominent stablecoins include USDC, issued by Circle, and DAI, a decentralised alternative backed by crypto collateral.
Who else is exploring the stablecoin initiative?
EWS has not yet disclosed which stablecoins Zelle intends to use. The company’s shareholders include major US banks such as JPMorgan Chase, Bank of America, Capital One, PNC Bank, Truist, U.S. Bank, and Wells Fargo.
The expansion comes amid a broader wave of corporate and regulatory interest in stablecoins. The GENIUS Act, signed into law in July, established a federal framework for issuing and trading these digital assets. Major corporations, including Amazon, Meta, and PayPal, are reportedly exploring stablecoin initiatives, positioning themselves to compete in an increasingly digital and borderless payments landscape.
