According to Cointelegraph, Early Warning Services, the parent company of the payments platform Zelle, announced the integration of stablecoins into its system to facilitate cross-border transactions involving the United States. Zelle, which launched in 2017, is known for providing near-instant payments between users and is integrated into the online banking services of numerous U.S. banks. The platform is collectively owned by member banks such as Wells Fargo, JP Morgan, Capital One, and PNC. This move comes as the financial industry increasingly adopts stablecoins and blockchain technology, aiming to enhance real-time settlement and cross-border commerce.
The stablecoin market has seen significant growth, with its market capitalization surpassing $300 billion in October, reaching over $308 billion, according to DeFiLlama. This surge in market cap reflects the growing interest and adoption of stablecoins, particularly following the enactment of the GENIUS Act by U.S. President Donald Trump in July. The legislation established a regulatory framework for stablecoins in the United States, further boosting their use in various financial activities. Dollar-pegged stablecoins, initially designed for crypto markets to provide a low-volatility token for traders and investors, are now widely used for cross-border commerce, remittances, and savings, especially in inflation-prone economies.
In Latin America, individuals and businesses are increasingly relying on stablecoins for savings and daily transactions, offering an alternative to traditional banks that often face infrastructure challenges. Patricio Mesri, co-CEO of crypto exchange Bybit’s Latin American arm, highlighted the transformative impact of crypto in the region, noting rapid adoption in countries like Argentina, Venezuela, Bolivia, and Mexico. Additionally, Reeve Collins, co-founder of Tether, an overcollateralized stablecoin issuer, predicted that all fiat currencies might become stablecoins by 2030, underscoring the potential future dominance of stablecoins in the global financial landscape.
