US payment network Zelle is considering using stablecoin technology for international expansion

Zelle, the US payments network, is considering using stablecoin technology for international expansion. Cameron Fowler, chief executive of Early Warning Services, which runs Zelle, said: "Zelle has changed the way Americans send money domestically. Now we are embarking on work to provide the same fast and reliable service to consumers who send money across borders through Zelle, with the goal of bringing Zelle's credibility, speed and convenience to consumers who need to send money internationally." The move, whose details are not yet clear, "marks an important step in Zelle's global expansion by leveraging stablecoins". According to a report last month, Zelle has been exploring issuing its own stablecoin. According to Early Warning Services, the amount of money transferred through Zelle last year was around $1 trillion. While other payment networks such as PayPal and Wise handle a large number of cross-border transfers, and many crypto companies are also trying to compete by offering low-cost international money transfer services, Zelle has a large customer base who may be interested in the ability to send money to other countries.