Peer-to-peer money transfer operator Early Warning Services plans to let users tap its Zelle service to send money overseas using cryptocurrency.
"The effort marks an important step in expanding the reach of Zelle globally by leveraging stablecoins," a news release said Friday, referring to digital assets pegged to the value of a fiat currency such as the dollar or the euro.
Zelle parent Early Warning Services is owned by seven big banks and currently only lets customers send money domestically.
The release did not say precisely when Zelle users will be able to send money internationally. A spokesperson declined to provide more details on the timeline.
The release provided little additional information, but cross-border payments are often discussed as one of the most practical uses for stablecoins.
Analysts and consultants who follow the payments industry say the digital assets could make international money movement faster and less expensive because senders could use stablecoins to bypass traditional payment rails.
President Donald Trump’s administration has been more amenable to the use of cryptocurrency than the prior Biden administration, with Trump signing the Genius Act in July to initiate a digital asset regulatory infrastructure.
"With improved regulatory clarity in the U.S., we can focus on what we do best: Driving innovation to market," Early Warning Services CEO Cameron Fowler said in the news release.
Early Warning Services said in February that Zelle processed over $1 trillion in payments for the first time in its eight-year history last year. The service had 151 million consumer and small business accounts as of that time.
