Early Warning Services, the parent company of the Zelle payments platform, said on Friday that stablecoins will be integrated with Zelle to facilitate cross-border transactions for money flowing to and from the United States.
Zelle was launched in 2017 and already offers near-instant payments between users, integrated with the online banking services of many US banks. Early warning services reported on Friday announcement: :
“We invest where consumer needs, bank capabilities and global opportunities intersect.”
The Zelle platform is jointly owned by member banks that exploit the service, including Wells Fargo, JP Morgan, Capital One and PNC, among others.
The announcement comes amid the institutional adoption of stablecoins and blockchain technology as the legacy financial system integrates blockchain rails for real-time settlement and cross-border trade.
Related: Standard Chartered claims that 1 thousand dollars may transfer banks from emerging markets to the stablecoin market by 2028
Stablecoin market capitalization exceeds $300 billion as the sector continues to grow
According to data, Stablecoins passed the $300 billion market capitalization milestone in October DeFiLlamawhich, at the time of writing, totaled over $308 billion.
The asset class has seen renewed interest and adoption since U.S. President Donald Trump passed the GENIUS Act in July, which established a regulatory framework for stablecoins in the U.S.
Dollar-pegged stablecoins, which were created as a key plumbing for cryptocurrency markets to allow traders and investors to store their profits in a low-volatility token, are now also used for cross-border trade, remittances and savings for residents of inflationary economies.
Individuals and businesses in Latin America are increasingly turning to stablecoins to store their savings and conduct daily commercial transactions, providing an alternative to classic banks in the region, which often struggle with faint infrastructure.
“Crypto is actually changing people’s lives. We can see adoption growing rapidly in Argentina, Venezuela, Bolivia and Mexico,” Patricio Mesri, co-CEO of the Latin American branch of cryptocurrency exchange Bybit, told Cointelegraph.
Reeve Collins, co-founder of overcollateralized stablecoin issuer Tether, predicts that all fiat currencies will become stablecoins by 2030.
Warehouse: Volatile coins: deepening, bank runs and other threats emerge
