Zelle owner investigates launch of own stablecoin

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Citing sources, Yahoo! Finance says EWS is in the early stages of investigating whether to build the infrastructure to create and issue a stablecoin aimed at retail bank customers.

If the plan proceeds it would mark a major step in the mainstreaming of stablecoins in the US: Bank of America, JPMorgan Chase, Wells Fargo and PNC are among the company’s owners.

The outfit has already demonstrated its muscle, taking on Venmo and CashApp with Zelle, which processed over $1 trillion in payments last year. The company has also set its sights on the online checkout with its Paze offering.

The Clearing House, which is also owned by large banks, is also looking into stablecoins, but is at a less advanced stage, according to Yahoo!

The movement comes as Wall Street steps up its interest in stablecoins after gaining regulatory clarity following the introduction of the Genius Act over the summer.