Early Warning Services (EWS), the bank-owned organization behind the P2P payment service Zelle, may soon issue its own stablecoin, according to reports.
Citing sources, Yahoo! Finance indicates that EWS is in the preliminary stages of exploring the creation of infrastructure necessary for developing a stablecoin targeted at retail bank customers.
If successful, this initiative could significantly advance the adoption of stablecoins in the U.S., with notable bank owners such as Bank of America, JPMorgan Chase, Wells Fargo, and PNC.
EWS has already shown its strength by competing with Venmo and CashApp through Zelle, which processed over $1 trillion in payments last year. The company is also focusing on online transactions with its Paze offering.
Meanwhile, The Clearing House, owned by major banks as well, is also looking into stablecoins but is at a less advanced stage, according to Yahoo!
This movement aligns with the increasing interest from Wall Street in stablecoins, particularly following the regulatory clarity provided by the introduction of the Genius Act over the summer.