Zelle Starts Minting New Stablecoin, Eyeing Global Expansion
Zelle has begun minting its own US dollar-backed stablecoin, ZelleUSD, to compete with established cryptocurrency firms. The initiative is backed by major US banks, including JPMorgan Chase and Bank of America, as part of a strategy to expand their international payment reach.
Why it matters
The entry of major traditional banks into the stablecoin market signals a significant shift in the integration of legacy finance and digital assets.
Digital payments platform Zelle has started minting its US dollar-backed stablecoin, moving it one step further in an effort by Wall Street to compete globally with established crypto firms.
Its ZelleUSD token went into production last week, according to a person familiar with the matter who was not authorized to speak publicly.
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