Tron founder Justin Sun has announced that his team is developing a gasless stablecoin solution aimed at enabling free peer-to-peer transfers for everyone.
Sun plans to launch the stablecoin solution on the Tron blockchain in the fourth quarter, with subsequent integration on Ethereum and other Ethereum Virtual Machine-compatible public chains.
“Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves,” Sun explained in a July 6 X post.
However, he didn’t provide details on how this mechanism would operate.
Sun believes this gas-free stablecoin could revolutionize the industry for companies aiming to offer stablecoin services:
“I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”
Currently, Tron leads the peer-to-peer stablecoin transfer market, consistently processing two to three times the volume of Ethereum, the second-placed blockchain, according to blockchain analytics firm Artemis in a June 27 X post.
Tron hosts over $50 billion of Tether’s $112 billion in value issued across multiple blockchains, as per DefiLlama data.
Tron’s new solution could rival PayPal’s PYUSD, which allows certain US-based users to make cross-border payments for free. Similarly, Circle’s USD Coin on Ethereum layer-2 Base via Coinbase Wallet also facilitates free transfers.
The decision by Circle and cryptocurrency exchange Binance to remove support for USDC on Tron might have spurred Tron to develop its own solution.
Additionally, Tron is exploring the possibility of building a Bitcoin layer-2 solution to support a “wrapped” version of Tether, potentially channeling billions of dollars into the Bitcoin ecosystem.
For now, Tron is utilizing existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron.
With these advancements, Tron aims to enhance its dominance in the stablecoin transfer market and push the boundaries of blockchain technology and adoption.
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