Justin Sun, the founder of Tron, has announced that his team is currently developing a gasless stablecoin solution to enable free peer-to-peer transfers for all users. Sun has expressed his hope that this stablecoin solution will be integrated into the Tron blockchain by the end of the fourth quarter, with plans to expand to Ethereum and other Ethereum Virtual Machine-compatible public chains shortly thereafter.
According to Sun, this system will allow transfers to be made without requiring any gas tokens, as the fees will be fully covered by the stablecoins themselves. However, specific details regarding the mechanism have not been provided.
Sun believes that the introduction of gas-free stablecoins could significantly impact companies seeking to offer stablecoin services. Tron is currently leading the peer-to-peer stablecoin transfer market, processing two to three times the volume of its closest competitor, Ethereum, as reported by blockchain analytics firm Artemis.
Notably, Tron is home to over $50 billion of Tether’s $112 billion in value, which is issued across multiple blockchains. Sun’s solution is anticipated to compete with PayPal’s PYUSD, aiming to enable certain United States-based users to make cross-border payments for free. In addition, Tron is considering the development of a Bitcoin layer-2 solution that would support a “wrapped” version of Tether, potentially allowing substantial capital to flow into the Bitcoin ecosystem.
For the time being, Tron is utilizing existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and its own platform. Notably, Circle and cryptocurrency exchange Binance have recently ceased support for USDC on Tron, which may have influenced Tron’s decision to develop its own stablecoin solution.