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 aims to implement this innovative stablecoin solution on the Tron blockchain by the end of this year, with plans to extend its integration to Ethereum and other Ethereum Virtual Machine-compatible public chains shortly thereafter.
According to Sun, this groundbreaking approach would eliminate the need for users to pay gas tokens for transfers, as the associated fees would instead be covered entirely by the stablecoins themselves. However, specific details on the operational mechanics of this mechanism were not disclosed in Sun’s recent statement on July 6.
Sun believes that these gas-free stablecoins could potentially revolutionize the landscape for companies seeking to offer stablecoin services. Tron currently dominates the market for peer-to-peer stablecoin transfers, consistently processing two to three times the volume of its closest competitor, Ethereum, as highlighted by blockchain analytics firm Artemis in a recent report dated June 27.
Tron currently hosts more than $50 billion of Tether’s (USDT) total $112 billion in value issued across multiple blockchains, according to data from DefiLlama. This substantial presence underscores Tron’s significant role in the stablecoin ecosystem.
In a competitive move, Tron’s initiative could challenge PayPal’s PYUSD, which enables certain U.S.-based users to conduct cross-border payments free of charge. Similarly, Circle’s USD Coin (USDC) on Ethereum’s layer 2 Base via Coinbase Wallet also facilitates fee-free transfers. Recently, both Circle and cryptocurrency exchange Binance have discontinued support for USDC on Tron, possibly prompting Tron to develop its own solution.
Looking ahead, Tron is exploring the development of a Bitcoin layer-2 solution that would support a “wrapped” version of Tether, potentially fostering significant capital inflows into the Bitcoin ecosystem. In the interim, Tron is leveraging existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and its own blockchain.
In conclusion, Tron’s ambitious endeavors in the realm of stablecoin technology highlight its proactive stance in reshaping financial transactions across blockchain ecosystems, promising greater accessibility and efficiency for users worldwide.
Source: Justin Sun