Tron TRX
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founder Justin Sun announced plans on X to develop a stablecoin that users can transfer back and forth without paying gas fees. Instead, the gas fees will be "...entirely covered by the stablecoins themselves," according to Sun.
According to Sun's post, the stablecoin will first launch on the Tron blockchain before eventually expanding to Ethereum and all blockchains compatible with the Ethereum Virtual Machine (EVM).
"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," Sun's X post reads.
Sun did not share any additional technical details on how the gasless transfers will be achieved.
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The stablecoin may be intended to compete with similar offerings, including PayPal's PYUSD, which allows U.S.-based users to swap the stablecoin for USD and then send cross-border payments around the world without fees. However, the intermediate step requires swapping out of the stablecoin, whereas Sun's token, if successful, wouldn't seem to require that step.
Similarly, USDC transfers on the Ethereum Layer 2 blockchain Base made through Coinbase Wallet are currently free, which has led to a drastic increase in the volume of that stablecoin on that network. Again, Coinbase is likely subsidizing the transfers rather than implementing a native mechanism by which the fees are covered by the stablecoins themselves, as Sun has described.
USDC issuer Circle and exchange Binance have both discontinued USDC support on Tron, providing Sun with another incentive for a successful native stablecoin on the network he founded.
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