Tron founder Justin Sun has revealed his team is building a gas-free stablecoin solution to make peer-to-peer transfers free for all.
Tron’s founder Jusin Sun believes gasless stablecoins could take corporate adoption of blockchain to a new level.
Sun hopes to integrate the stablecoin solution on the Tron blockchain this fourth quarter, followed by Ethereum and other Ethereum Virtual Machine-compatible public chains soon after.
“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.
Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 6, 2024
However, he didn’t explain how the mechanism would work.
Sun believes this gas-free stablecoins could be a game-changer for companies looking 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.”
Tron currently leads the peer-to-peer stablecoin transfer market and is consistently processing two to three times the volume of second-placed Ethereum, blockchain analytics firm Artemis highlighted in a June 27 X post.
Tron is home to more than $50 billion of Tether’s $112 billion in value issued across multiple blockchains, DeFiLlama data shows.
Tron’s solution could compete with PayPal’s PYUSD, which allows certain United States-based users to make cross-border payments for free.
Circle’s USD Coin (USDC) on Ethereum layer 2 Base via Coinbase Wallet also allows free transfers.
Circle and cryptocurrency exchange Binance recently removed support for USDC on Tron, perhaps providing Tron with an incentive to build a solution of their own.
Tron is also considering building a Bitcoin layer 2 solution that would support a “wrapped” version of Tether — potentially enabling billions of dollars to flow into the Bitcoin ecosystem.
For the time being, Tron is leveraging existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron.