Major narrative violation: The big banks ARE doing stablecoins.
@Zelle says it is expanding to India and will launch a stablecoin later this year.
For context: Zelle is the largest P2P money transfer service in the United States, larger than Venmo or Cash App, and built by the large banks.
The parent company Early Warning is owned by seven banks: BofA, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.
They're launching the app in India but NOT the stablecoin.
This makes sense as India represents the largest outflow of remittances from the US, flowing there.
India is, however, not particularly fond of crypto, so I'm not surprised to see Zelle being more cautious about naming the stablecoin for that corridor.
Early Warning also announced that ZelleUSD (ZLUSD), its proprietary U.S. dollar-backed stablecoin.
ZLUSD will support "future international payment capabilities in other markets, giving U.S. consumers even more opportunities to send money to family and friends around the world."
Other markets like Argentina and Mexico, where stablecoins are making an increasing share, and becoming a preference.
The banks will all use stablecoins. Eventually.
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