Tron (TRX) founder Justin Sun has revealed plans for an innovative solution to streamline stablecoin transfers by eliminating gas fees.
Making stablecoin transfers easier
According to Sun, this upcoming feature will enable users to conduct stablecoin transactions without the burden of additional gas tokens, with fees instead covered by the stablecoins themselves.
This marks a significant advancement that will streamline the adoption of stablecoins by large enterprises, eliminating the hurdle of gas fees.
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
Sun highlighted that the innovation would initially roll out on the Tron blockchain, with plans to extend support to Ethereum and all EVM-compatible public chains.
He projected the service’s launch in the fourth quarter of this year, stating that similar services will ease large companies’ deployment of stablecoin services on the blockchain.
Introducing a gas-free stablecoin transfer solution could fundamentally enhance the user experience. It would remove the necessity to acquire and hold the network’s native token (TRX) to cover transaction costs, thereby reducing the total expenses involved in making stablecoin transfers.
We anticipate launching this service in Q4 of this year. 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.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 6, 2024
Moreover, the streamlined transaction process, which eliminates the need for users to handle gas fees, is expected to improve the overall usability and accessibility of stablecoins for the average cryptocurrency user.
Sun’s initiative has stirred considerable interest within the crypto community, aiming to enhance user experience and promote wider adoption of stablecoins across diverse blockchain ecosystems.
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Sun responds to UN concerns, SEC lawsuit
Earlier this year, Sun responded to the United Nations’ concerns about using Tether’s USDT stablecoin in illicit activities.
Sun highlighted what he said were factual inconsistencies and reaffirmed Tron’s commitment to upholding blockchain integrity.
While acknowledging the concerns raised, Sun clarified discrepancies related to USDT transactions on Tron’s TRC-20 protocol.
He stressed Tron’s strong support for preventing malicious actors’ misuse of blockchain technology but emphasized the importance of a deeper understanding of blockchain dynamics to achieve this goal.
Meanwhile, Tron DAO, the decentralized autonomous organization of the network, argues that it is inaccurate to claim that USDT transactions facilitated through Tron’s TRC-20 protocol are a preferred choice for illicit activities.
The DAO explained that Tron commands over 50% of the global market share for USDT, underscoring its popularity due to its speed and cost-efficiency, which appeal to users across various sectors.
Tether, the issuer of USDT, also contested the UN’s claims, defending its operations and asserting that the transparent nature of blockchain transactions makes USDT impractical for illicit use.
In March 2023, the U.S. Securities and Exchange Commission (SEC) initiated legal action against Justin Sun, founder of the Tron blockchain, and three of his companies, alleging the sale of unregistered securities.
The SEC’s lawsuit targets Sun’s entities, namely the Tron Foundation, BitTorrent Foundation, and Rainberry Inc., accusing them of orchestrating the unregistered offer and sale of crypto asset securities and engaging in alleged manipulative trading practices.
According to the SEC’s claims, Sun and his companies purportedly engaged various celebrities in promoting these unregistered securities. However, the provided information did not disclose specific details about the celebrities involved.
Tron’s legal team has filed a motion to dismiss the SEC’s lawsuit. They argue that the SEC is exceeding its jurisdictional boundaries by attempting to regulate foreign defendants. Additionally, they contend that the tokens in question, TRX, and BTT, do not meet the criteria outlined in the Howey Test. Therefore, they should not be classified as securities under U.S. law.
At press time, Tron (TRX) is exchanging hands for $0.127, representing a 1.5% price increase over the last seven days, according to CoinGecko data.
Read more: Tron price rally continues as USDT transactions rises