remittance

Zelle operator Early Warning Services announced that India will be the first country for U.S. users to remit money to overseas friends and family through Zelle, with the service expected to launch by the end of this year. The company also introduced its own dollar-backed stablecoin ZelleUSD (ZLUSD) to support future international payment capabilities in other markets, with more details to be announced in the coming months. Early Warning Services is jointly owned by seven U.S. financial institutions, including Bank of America, JPMorgan Chase, and Wells Fargo.

According to PR Newswire, global payment giant MoneyGram announced a strategic partnership with Layer 1 blockchain Tempo to become its core validation node for cross-border remittances (Anchor Remittance Validator) and participate in network transaction validation.The three parties will jointly build a global interoperable payment network based on stablecoins, promoting on-chain settlement in real fund flows, while Stripe will provide on-chain stablecoin settlement services for MoneyGram on the Tempo infrastructure.

KB Financial Group announced that it has completed the technical proof of concept for the Korean won stablecoin in scenarios such as payments, settlements, and international remittances. This verification was jointly completed by KB Financial Group, electronic payment company KG Inicis, public chain Kaia, and digital asset solution company OpenAsset, covering the entire financial service process including the issuance of the Korean won stablecoin, offline payments, merchant settlements, and cross-border remittances.According to reports, the solution migrates the internal settlement system to a blockchain architecture while maintaining users' original financial service habits. Among them, actual payment scenarios have been tested through the offline self-service terminals of the chain coffee brand Hollys, allowing users to make payments via QR codes without the need to install a digital wallet; the system automatically executes on-chain smart contracts during the settlement phase. In addition, in the cross-border remittance test, the system first exchanges the Korean won stablecoin for US dollar stablecoins through Kaia's on-chain liquidity, and then the local partner in Vietnam completes the fiat currency crediting. The entire remittance process takes only about 3 minutes, with fees reduced by approximately 87% compared to traditional SWIFT remittance models.

According to Insight Korea, South Korea's digital bank K Bank has established a strategic partnership with blockchain company Ripple to advance the verification of next-generation cross-border remittance technology based on blockchain.Both parties will focus on assessing the optimization potential in remittance speed, cost structure, and transaction transparency through Ripple's global payment network and infrastructure. The current collaboration includes proof of concept based on digital wallets, joint development of cross-border remittance models, and expansion in the digital asset field. The ongoing second phase of testing has simulated the connection between the bank's internal systems and customer accounts, testing on-chain fund transfers aimed at the UAE and Thailand. K Bank is also evaluating the adoption of Ripple's SaaS digital wallet Palisade to enhance compliance and deployment efficiency.

According to Reuters, foreign exchange market-making and cross-border remittance startup OpenFX has completed a $94 million financing round, led by institutions such as Accel, Lightspeed Faction, M13, Northzone, and Pantera, with a post-money valuation of approximately $500 million.OpenFX provides faster and lower-cost settlement services for large cross-border funds by using stablecoins as a bridge connecting the banking system with blockchain infrastructure. The company claims that over 98% of transactions on its platform can be settled within 60 minutes, and its annual payment processing scale has increased from approximately $4 billion to about $45 billion. OpenFX plans to use this round of funding to expand into Southeast Asia and Latin America markets.

According to Nikkei Asia, Mitsubishi Corporation plans to connect to JPMorgan's blockchain payment platform soon, becoming the first Japanese company to use the service.The service supports instant international money transfers, and JPMorgan is also taking this opportunity to promote its blockchain payment products to more Japanese companies. Against this backdrop, Japanese financial institutions are accelerating their layout in blockchain and stablecoins, with major banks like MUFG and Mizuho testing yen stablecoins, and Japanese regulators are also considering approving the listing of cryptocurrency ETFs as early as 2028.

International remittance service company Western Union has announced a partnership with Crossmint to launch the USD stablecoin USDPT on the Solana blockchain, aimed at providing fast and low-cost global money transfer services.Western Union will integrate its digital asset network with Crossmint, allowing users to exchange digital dollars for local currency at over 360,000 locations worldwide, covering more than 200 countries and regions. Malcolm Clarke, Vice President of Digital Assets at Western Union, stated that this collaboration helps seamlessly connect global wallets and digital platforms with Western Union's payment infrastructure.

The Georgia Department of Banking and Finance recently announced that the virtual currency platform Crypto Dispensers, operated by Virtual Assets LLC, has been issued a cease and desist order by the department, which has become effective, for operating an online virtual currency trading platform in Georgia and engaging in the transmission of funds or "monetary value" (including virtual currency) without obtaining a local Money Transmitter license or applicable exemption.According to Georgia law O.C.G.A. § 7-1-681 and § 7-1-681(b), any entity transmitting funds or virtual currency within the United States or to foreign countries must obtain a license or meet exemption conditions in advance; otherwise, it is considered illegal.

As the application of stablecoins in cross-border payments accelerates, a global remittance market worth approximately $900 billion is facing reconstruction. Industry insiders point out that stablecoins, leveraging blockchain technology, can significantly reduce the costs and time of cross-border transfers, potentially impacting traditional remittance systems represented by Western Union.According to data from the World Bank, the average fee for cross-border remittances is still above 6%, which is particularly burdensome for low-income groups sending money to developing countries. Experts believe that stablecoins can facilitate peer-to-peer transfers through digital wallets, with costs and friction significantly lower than traditional channels.On the regulatory front, U.S. President Trump signed the GENIUS Act in July, establishing a federal regulatory framework for stablecoins and promoting their entry into mainstream finance. Subsequently, traditional payment and remittance institutions, including Western Union and PayPal, have begun to develop products related to stablecoins.Analysts point out that traditional remittance institutions have advantages in large-scale adoption due to their global customer networks and mature compliance systems; however, their existing business models may hinder transformation. In contrast, crypto-native companies and large trading platforms are more flexible in technology and product iteration, but still face challenges in brand trust and regulatory implementation.The market generally believes that competition for stablecoins in the remittance sector will evolve into a three-way game among traditional financial institutions, crypto-native companies, and fintech platforms. As regulatory details gradually improve, the penetration rate of stablecoins in the global remittance market is expected to continue to rise this year.

According to Financefeeds, UK fintech company Zepz (which owns the international remittance platforms WorldRemit and Sendwave) has announced a partnership with enterprise digital asset platform Fireblocks to launch a stablecoin-based remittance service in emerging markets.Reports indicate that Zepz serves over 9 million users across 130 countries, while Fireblocks processes over $4 trillion in digital asset transfers annually. This collaboration aims to provide near real-time, low-cost cross-border payment solutions to address the pain points of long settlement times and high fees associated with traditional correspondent banking pathways.

Indian blockchain remittance startup Frex announced the completion of a ₹95,000,000 (approximately $1.05 million) Pre-Seed funding round, led by Zeropearl VC and White Venture Capital, with participation from a group of angel investors. The company has built a real-time remittance solution leveraging blockchain technology and the advantages of local banking partners, primarily targeting immigrants and overseas workers for cross-border remittance services.

According to market news, international remittance giant Western Union has announced the issuance of a payment card that supports stablecoin preloading, primarily targeting countries and regions with severe inflation, aiming to further expand the integration of digital assets into payment services.Western Union's Chief Financial Officer Matthew Cagwin stated that the payment card provides greater stability for purchasing power, especially in economies where the currency has significantly depreciated, such as Argentina, where inflation exceeded 200% last year. The dollar-denominated stablecoin card helps remittance recipients better preserve value. In addition, Western Union also revealed that it is currently preparing to launch the dollar payment token USDPT, a stablecoin issued by Anchorage Digital on the Solana network, which was previously planned for release in 2026.

According to Sina Finance, Ren Deqi, Chairman of Bank of Communications, stated that the bank is deeply involved in the construction of the Shanghai Shipping and Trade Digital Platform. First, it promotes cross-border integration, providing e-commerce companies with safer, more efficient, and convenient "one-stop" financial services for cross-border settlement, financing, and foreign exchange risk management, centered around the needs of shipping and trade customers.Second, it promotes digital empowerment, using blockchain technology and artificial intelligence to achieve instant crediting of cross-border remittances, focusing on solving the financing difficulties and high costs faced by small and micro enterprises. Third, it promotes ecological co-construction, forming an efficient and collaborative ecological support system.

ChainCatcher news, according to Hong Kong 01 report, the chairman of the Hong Kong Investor and Financial Education Committee (Investment Committee), Du Guankun, stated that the main use of stablecoins is as a cross-border remittance tool. If widely accepted by society in the future, it could reduce the cost of cross-border payments.Stablecoins are related to virtual currencies, issued by private institutions, backed by mainstream fiat assets such as the US dollar, while using cryptocurrencies as collateral. Consequently, the volatility is quite high, and if there is insufficient understanding of the related products, one should not invest.

ChainCatcher news, according to Globenewswire, Nasdaq-listed digital asset financial company SOLOWIN announced a equity investment agreement with Singapore-based cross-border payment institution GPL Remittance to acquire a 19% stake, which currently holds a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS).Previously, SOLOWIN announced the joint launch of a $100 million Bitcoin quantitative fund.

ChainCatcher News: American fintech company SoFi announced a strategic partnership with Lightspark to launch cross-border remittance services using Bitcoin network technology.

ChainCatcher news, according to the trial information, a partial verdict has been reached in the trial of Tornado Cash co-founder Roman Storm. The charge of operating an unlicensed remittance business has been established, while the charge of conspiracy to commit money laundering is at an impasse and has not yet been ruled on. Roman Storm pleads not guilty to the violation of sanctions.

ChainCatcher news, according to CoinDesk, PayPal has announced that it has introduced its stablecoin PYUSD to Stellar for cross-border remittances and payment financing. PYUSD has already been operating on Ethereum and Solana, and this collaboration will enable small and medium-sized enterprises facing accounts receivable delays or pre-financing requirements to access a new source of real-time working capital.

ChainCatcher news, according to Cointelegraph, Guatemala's largest commercial bank, Banco Industrial, announced the integration of blockchain infrastructure service provider SukuPay into its mobile banking app Zigi. Users can instantly receive remittances from the United States for a fixed fee of $0.99, without the need to hold a crypto wallet or an international bank account (IBAN). SukuPay stated that this collaboration marks the first adoption of a native crypto protocol by a large retail bank in Latin America.Banco Industrial was established in 1968 and has over 1,600 service points in Guatemala, with assets reaching 1.5 billion quetzals (approximately $20 million) in 2023. Its operations extend to regions such as Honduras, Panama, and El Salvador. The bank holds a significant position in the local remittance market, while cross-border remittances are a key pillar of the Latin American economy—total remittances to Latin America and the Caribbean are expected to reach $161 billion in 2024, but traditional channel fees range from 6% to 10%.SukuPay CEO Yonathan Lapchik pointed out that Guatemala receives $21 billion in remittances annually, and blockchain technology can reduce settlement times from days to instant while alleviating cost pressures. He stated, "The key to achieving large-scale adoption of blockchain is to make the technology invisible to users," emphasizing that stablecoins are a core tool for optimizing cross-border payment efficiency.According to Chainalysis's 2024 report, Latin America is the second-fastest region in the world for cryptocurrency adoption, but Guatemala lags behind neighboring countries like Argentina and Brazil. Currently, over 90% of crypto transactions in the region involve stablecoins, which are better suited for everyday payment scenarios due to their peg to fiat currencies.