Ethereum

Bitcoin

Tron founder Justin Sun has revealed that 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 <a href="https://cointelegraph.com/learn/what-is-tron-trx-and-how-does-it-work-a-beginners-guide">Tron blockchain</a>&nbsp;in the 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 <a href="https://x.com/justinsuntron/status/1809579898136326509" target="_blank" rel="noopener nofollow">explained</a> in a July 6 X post. 
However, he didn’t explain how the mechanism would work.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c4becda3-f846-4378-a460-8ec0fa0cd11c.png" alt="Tron develops gas-free stablecoin for Ethereum and Tron chains" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/justinsuntron/status/1809579898136326509" target="_blank" rel="noopener nofollow">Justin Sun</a>
 </figcaption>
</figure>
Sun believes the gas-free stablecoins could be a game-changer for companies looking to offer stablecoin services:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
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 <a href="https://x.com/artemis__xyz/status/1806357219971309944" target="_blank" rel="noopener nofollow">highlighted</a> in a June 27 X post.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/e3dace79-2c34-4313-92cd-10fc578067ef.jpg" alt="Tron develops gas-free stablecoin for Ethereum and Tron chains" title="">
 <figcaption style="text-align: center;">
 Peer-to-peer stablecoin transfers on Ethereum, Tron, Avalanche and Solana. Source: Artemis
 </figcaption>
</figure>
Tron is home to more than $50 billion of Tether’s (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) $112 billion in value issued across multiple blockchains, DefiLlama data <a href="https://defillama.com/stablecoins/Tron" target="_blank" rel="noopener nofollow">shows</a>.
Related: <a href="https://cointelegraph.com/news/stablecoins-capture-10-percent-world-money-2034-and-beyond">Stablecoins to make up 10% of money in the next decade or so: Circle CEO</a>
Tron’s solution could <a href="https://cointelegraph.com/news/paypal-usd-boon-for-ethereum-but-not-decentralization-says-community">compete with PayPal’s PYUSD</a>,&nbsp;which allows certain United States-based users to make cross-border payments for free.
Circle’s USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) on Ethereum layer-2 Base via <a href="https://cointelegraph.com/explained/crypto-wallets-explained">Coinbase Wallet</a> also allows free transfers.
Circle and cryptocurrency exchange Binance recently <a href="https://cointelegraph.com/news/binance-drops-usdc-tron-coinbase">removed support for USDC on Tron, </a>perhaps providing Tron with an incentive to build a solution of their own.
Tron is also considering <a href="https://cointelegraph.com/news/tron-bitcoin-layer-2-roadmap-wrapped-tether-usdt">building a Bitcoin layer-2 solution</a> 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.
Magazine: <a href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

Tron develops gas-free stablecoin for Ethereum and Tron chains

Cointelegraph

Other articles published on Jul 7, 2024

Are MoonBag Staking Rewards Worth the Hype? Investors Earn a Massive 88% APY on Staking

Crypto funding rates take a dip – How will Bitcoin, Ethereum be impacted?

Bitcoin Cycle Peak: How The USDT Dominance Could Predict The Top

This Solana (SOL) Rival Priced At Just $0.01 Is Ready To Reach $10 In 2024, Providing Massive Pro...

Tron’s Justin Sun reveals gas-free stablecoin transfer solution development

Back in Action: Ethereum Sellers Target $2,800 Mark Post-Short Respite

Join our free newsletter for daily crypto updates!