From now on, users of the Zelle service will have the ability to make international money transfers using stablecoins. This new feature will be integrated as part of the initiative by the banking consortium Early Warning Services, which includes leading US banks such as JPMorgan Chase and Wells Fargo.
This is reported by Finway
New Opportunities for Bank Customers
Currently, Zelle operates exclusively in the domestic US market; however, the planned implementation of international transactions will be the first step towards expanding the platform on a global scale. It is expected that stablecoins will be used for international transfers, which will help minimize transaction costs and ensure currency stability during transactions.
Legislative Changes and Prospects for Launch
The decision to launch the new service became possible after the adoption of a legislative framework in the US aimed at regulating stablecoins. This opens new horizons for the development of financial services and increases trust in digital assets among bank customers.
The exact date for the launch of international transfers via Zelle has not yet been disclosed. Representatives of Early Warning Services noted that access to the new feature will be granted to customers of banks that are already participants in the Zelle network.
“The statement indicated that stablecoins will be used for international transactions, which will help ensure currency stability and reduce costs during operations.”
It was previously reported that the number of users of the stablecoin USDT has already surpassed the 500 million mark.