Early Warning Services, the parent company of the Zelle payments platform, announced on Friday that it will integrate stablecoins to streamline cross-border transactions for money flowing to and from the United States.
Zelle, which debuted in 2017, already enables near-instant payments between users integrated into many US banks’ online services. In Friday’s announcement, Early Warning Services stated:
“We’re investing where consumer need, bank capability and global opportunity intersect.”
The Zelle platform is collectively owned by member banks that use the service, including Wells Fargo, JP Morgan, Capital One, and PNC.
The news arrives amidst a trend of institutional adoption of stablecoins and blockchain technology, as traditional finance integrates blockchain solutions for real-time settlements and international commerce.
Related: Standard Chartered projects $1T could exit EM banks to stablecoins by 2028
Stablecoin Market Surpasses $300 Billion in Valuation
As of October, stablecoins have surpassed $300 billion in total market capitalization, totaling over $308 billion according to DeFiLlama.
This asset class has gained renewed attention following the signing into law of the GENIUS Act in July by US President Donald Trump, which set a regulatory framework for stablecoins in the country. Dollar-pegged stablecoins, which initially served as a low-volatility store for crypto market gains, are increasingly being utilized for cross-border commerce, remittances, and savings, particularly in inflationary economies.
Individuals and enterprises in Latin America are turning to stablecoins for savings and daily transactions, finding them advantageous compared to traditional financial institutions with subpar infrastructure. “Crypto is actually changing lives. Adoption in Argentina, Venezuela, Bolivia, and Mexico is rapidly increasing,” stated Patricio Mesri from Bybit.
Reeve Collins from Tether expects that by 2030, all fiat currencies will transition to stablecoins.
Magazine: Unstablecoins: Depegging, bank runs, and other risks loom
Tags: #Blockchain, #Altcoin, #Business, #Adoption, #Stablecoin, #Companies
