US payments network Zelle considers using stablecoin technology for international expansion

According to Foresight News, The Block reported that US payment network Zelle is considering using stablecoin technology for international expansion. Zelle has been exploring issuing its own stablecoin, according to a report last month.

About $1 trillion was transferred through Zelle last year, according to Zelle operator Early Warning Services. While other payment networks like PayPal and Wise handle a large number of cross-border payments, and many crypto companies are trying to compete by offering low-cost international money transfer services, Zelle has a large base of customers who might be interested in the ability to transfer money to other countries.