- Justin Sun announces gasless stablecoin solution for free peer-to-peer transfers.
- Tron aims to integrate this solution by the fourth quarter of 2024.
- Tron processes significantly more stablecoin transfers than Ethereum.
Justin Sun, founder of Tron, has announced that his team is developing a new gasless stablecoin solution to enable free peer-to-peer transfers. This innovative solution is expected to be integrated into the Tron blockchain by the fourth quarter of 2024, with plans to extend it to Ethereum and other Ethereum Virtual Machine-compatible blockchains soon after.
Sun explained in a July 6 social media post that this new stablecoin system would eliminate the need for users to pay gas fees for transactions. Instead, the stablecoins themselves would cover these costs, making transfers free for users. However, he did not provide specific details on how this mechanism would work.
Sun believes that gas-free stablecoins could significantly benefit companies looking to implement stablecoin services, potentially driving mass adoption of blockchain technology. This sentiment comes as Tron continues to dominate the peer-to-peer stablecoin transfer market, processing two to three times the volume of Ethereum, according to data from blockchain analytics firm Artemis.
Competing with Major Players
Tron currently manages over $50 billion of Tether’s $112 billion in value across multiple blockchains, according to DefiLlama. This new gasless solution could position Tron as a strong competitor to services like PayPal’s PYUSD and Circle’s USD Coin on Ethereum layer-2 Base via Coinbase Wallet, both of which offer free cross-border payments for specific users.
With Circle and Binance recently withdrawing support for USDC on Tron, the development of a proprietary stablecoin solution could provide Tron with a competitive edge. Additionally, Tron is exploring the possibility of creating a Bitcoin layer-2 solution to support a wrapped version of Tether, potentially bringing 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, further solidifying its position in the blockchain industry.
