On Friday, Zelle, a popular U.S. app that allows users to make quick payments without having to remember bank account data, announced that it was entering the international market using stablecoins.

The move by Early Warning Services, the operator of Zelle, constitutes the first large move of U.S. banks toward leveraging the benefits of stablecoins to simplify and make international transactions cheaper.

The company is owned by Bank of America, Capital One, JPMorgan Chase, PNC Financial Services, Truist Financial, U.S. Bancorp, and Wells Fargo, which could leverage this new service for their existing customers.

Early Warning Services CEO Cameron Fowler stressed they are “beginning the work to bring that same level of speed and reliability to Zelle consumers sending money to and from the United States, building on what we have learned from the market, our users and our network banks and credit unions.”

While traditional international transfers rely on correspondent banking and intermediary banks through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, this solution would bypass this, risking making the legacy solution obsolete.

Nonetheless, Zelle establishes limits for transactions on its platform, designed primarily as a local micro-payments network. It is still unknown whether these limits would apply to stablecoin-powered transactions.

Zelle’s move marks one of the largest cases of implementation of stablecoins in the U.S. so far, and hints at an increased trust in these solutions to serve global markets.

If Zelle’s gambit pays well, more payment networks and even banks might migrate to use these technologies, leaving SWIFT and corresponding banking outdated, and making legacy payment rails obsolete.

Nonetheless, the introduction of stablecoins might introduce compliance risks not contemplated in Zelle’s current business model.

A shift is currently unfolding as stablecoins invade spaces that traditional finance dominates, and even large companies controlled by banks start implementing them in retail products. Analysts stress that this push is likely to accelerate in the short and medium term.

• What recent announcement did Zelle make?
  Zelle is entering the international market, utilizing stablecoins to facilitate quick and affordable payment transactions.

• Who owns Early Warning Services, the operator of Zelle?
  Early Warning Services is owned by major U.S. banks, including Bank of America, JPMorgan Chase, and Wells Fargo.

• How will Zelle’s stablecoin transactions differ from traditional transfers?
  Zelle aims to bypass the traditional SWIFT system used for international transfers, potentially streamlining transactions and improving efficiency.

• What challenges might Zelle face with this new service?
  The introduction of stablecoins could present compliance risks that Zelle’s current business model may not adequately address.

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