Tron is building a gas-free stablecoin solution for Tron, Ethereum chains

    07 Jul 2024
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    Tron founder Justin Sun has revealed his team is building a gasless stablecoin solution to make peer-to-peer transfers free for all.

    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.

    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 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.

    Source: https://cointelegraph.com/news/tron-is-building-a-gas-free-stablecoin-solution

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