Justin Sun, the founder of Tron, has announced that his team is actively developing a gasless stablecoin solution aimed at enabling free peer-to-peer transfers for all users. Sun’s vision includes integrating this innovative stablecoin solution initially on the Tron blockchain in the fourth quarter of this year, with plans to expand to Ethereum and other Ethereum Virtual Machine-compatible public chains shortly thereafter.
In a statement shared on July 6, Sun emphasized that this solution would allow transfers without requiring payment of gas tokens, as the fees would be fully covered by the stablecoins themselves. However, specific details regarding the operational mechanics of this mechanism were not disclosed at this time.
Sun believes that the introduction of gas-free stablecoins could potentially revolutionize the landscape for companies offering stablecoin services. According to blockchain analytics firm Artemis, Tron currently dominates the peer-to-peer stablecoin transfer market, processing significantly higher volumes compared to Ethereum, its closest competitor.
Tron hosts a substantial portion of the total value of Tether (USDT), with more than $50 billion out of the total $112 billion issued across multiple blockchains, as reported by DefiLlama.
In a related context, Sun’s initiative could pose competition to PayPal’s PYUSD, a service that allows certain US-based users to execute cross-border payments free of charge. Moreover, platforms like Coinbase Wallet facilitate feeless transfers using Circle’s USD Coin (USDC) on Ethereum’s layer 2 Base.
Recent decisions by Circle and cryptocurrency exchange Binance to withdraw support for USDC on Tron might have motivated Tron to pursue its own solutions. Additionally, Tron is exploring the development of a Bitcoin layer-2 solution that would support a wrapped version of Tether, potentially facilitating significant capital inflows into the Bitcoin ecosystem.
For now, Tron is leveraging existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and its own blockchain. This strategic move underscores Tron’s ongoing commitment to innovation and expansion in the cryptocurrency and blockchain sectors.
Source:
Justin Sun