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Zelle Announces Plans For ZLUSD Stablecoin
Zelle unveils its latest product launch overseas, announcing the Zelle ZLUSD stablecoin for consumer remittances.
Zelle unveils its ZLUSD stablecoin plans (Luke Hales / Unsplash)
Zelle plans a ZLUSD stablecoin.
Zelle is officially entering the stablecoin arena as part of its latest product launch for international remittances. The payments platform has announced its own Zelle stablecoin backed 1:1 with U.S. dollars to be released at a future date.
This comes as part of its parent company, Early Warning, strategic move to expand the network managed by banks and credit unions to overseas, starting out with expansion to India.
Under this move, it is likely the cost-benefit of stablecoin technology may play a significant role and that industry infrastructure partners are considered, although limited details have been shared.
In the last few weeks, there have been back-to-back announcements of custom stablecoins being launched for remittance providers.
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