Tron is developing a gas-free stablecoin solution aimed at making peer-to-peer transfers free of charge.
According to Justin Sun, transfers will be possible without having to pay gas fees, as the stablecoins themselves will cover the costs.
While Circle recently discontinued USDC on Tron, the blockchain will be the first to implement this new solution before it is deployed on EVM chains.
The founder of Tron, Justin Sun, announced that his team is working on a gas-free stablecoin solution to make peer-to-peer transfers completely free.
This initiative aims to integrate the solution onto the Tron blockchain in the fourth quarter of the year, followed by Ethereum and other EVM-compatible public chains.
According to Justin Sun, transfers can be made without having to pay gas fees, as the stablecoins themselves will cover the costs. However, the details of the mechanism have not been explained yet.
A Potential Game-Changer for Businesses
Justin Sun believes that these gas-free stablecoins could revolutionize the adoption of blockchain by large enterprises. He claims that similar services would greatly facilitate the deployment of stablecoin services on the blockchain, taking the widespread adoption of this technology to the next level.
Note that Circle and crypto exchange Binance have recently stopped supporting USDC on Tron, which might incentivize Tron to develop its own solution.
Tron Leading the Way: Competing with PayPal and Circle
Currently, Tron dominates the market for peer-to-peer stablecoin transfers, regularly processing two to three times the volume of Ethereum.
In fact, Tron holds over $50 billion worth of Tether’s USDT, out of a total of $112 billion issued on multiple blockchains. This market dominance in peer-to-peer transfers could be enhanced by the new gas-free stablecoin solution.
Tron’s solution could rival PayPal’s PYUSD, which allows certain US-based users to make free cross-border payments. Additionally, Circle’s USDC via Coinbase Wallet also enables free transfers.
Towards a Layer 2 Solution for Bitcoin
Furthermore, Tron is considering developing a layer 2 solution for Bitcoin. This would support a “wrapped” version of Tether, potentially allowing billions of dollars to circulate within the Bitcoin ecosystem. Currently, Tron uses existing cross-chain protocols to transfer USDT and other tokens between Bitcoin and Tron.
