Zelle Expands Abroad With Stablecoins, But Details Remain Elusive
Zelle plans to expand its $1 trillion US payments network internationally using stablecoins for faster, cheaper cross-border transfers.Summary
Early Warning Services (EWS), the operator of the major US payment network Zelle, announced plans to extend its $1 trillion system globally by leveraging stablecoins to make international money transfers faster, more reliable, and less costly. EWS CEO Cameron Fowler stated the goal is to bring the speed and reliability Zelle offers domestically to cross-border transactions. However, the announcement lacked crucial details, such as whether a unified stablecoin would be used or which foreign banking partners would participate, leaving many questions unanswered. Skeptics point to past struggles of banking consortia with blockchain initiatives, citing Fnality as an example where coordination among many institutions proved difficult. Despite this, Zelle's massive distribution advantage could be key if EWS successfully implements a functional stablecoin system, potentially accelerating stablecoin adoption within legacy finance.
(Source：BeInCrypto)