Stablecoin

USDC

<a href="https://thecoinrise.com/tron-founder-justin-sun-claims-2m-tokens-in-epic-eigenlayer-airdrop/" rel="noopener noreferrer nofollow">Tron founder Justin Sun</a> recently unveiled plans to introduce a stablecoin allowing gas-free transfers on the Tron blockchain. The plan according to Sun is to expand it to Ethereum and Ethereum Virtual Machine (EVM) compatible chains.
In an X post by Sun, the gas fees will be “entirely covered by the stablecoins themselves.” If his plans go according to schedule, the Tron blockchain service will launch in the fourth quarter of this year.
<blockquote class="twitter-tweet">
 Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.
 — H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1809579898136326509?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 6, 2024</a>
</blockquote>
<h2 id="b-gas-free-transfers-and-expansion-plans-b">Gas-Free Transfers and Expansion Plans</h2>
The Tron founder is optimistic that the innovation will significantly impact the broader space and enhance the adoption of stablecoins.
“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 wrote.
Analysts maintain that the growth trajectory of stablecoins and altcoins lies in the widespread adoption of these digital assets. Although there is increasing acceptance and a favorable regulatory climate in some countries, the pace of adoption is still below their projections.
<h2 id="b-tron-to-compete-with-established-stablecoins-b">Tron to Compete with Established Stablecoins</h2>
Notably, the proposal by Tron’s founder will position the asset against PayPal’s PYUSD. PayPal facilitates fee-free cross-border payments globally, after swapping stablecoins for USD. However, a major distinction between PayPal and what Tron will offer is the elimination of such an intermediate step. In essence, Sun’s proposed stablecoin will streamline the entire process.
Meanwhile, Coinbase currently offers fee-free <a href="https://thecoinrise.com/coinbase-unveils-revolutionary-smart-wallet-to-simplify-crypto-trading/" rel="noopener noreferrer nofollow">USDC transfers on the Ethereum Layer 2 blockchain Base, made through Coinbase Wallet</a>. Although Coinbase likely subsidizes these transfers, Sun’s stablecoin is proposing a native mechanism where the stablecoins themselves cover the gas fees. This unique difference could attract significant interest and boost the blockchain.
<h2 id="b-strategic-timing-and-market-dynamics-b">Strategic Timing and Market Dynamics</h2>
Analysts consider the timing of the proposed unveiling for the fourth quarter as strategic. Notably, both Circle and <a href="https://thecoinrise.com/binance-enables-tether-usdt-deposits-and-withdrawals-on-ton/" rel="noopener noreferrer nofollow">Binance have discontinued USDC support on Tron</a>. Therefore, it serves as a strong motivation for Sun to push for a successful native stablecoin on the Tron network. This will serve to fill the void left by USDC and attract users seeking fee-free stablecoin transactions.
The post <a href="https://thecoinrise.com/justin-sun-unveils-incoming-gas-free-stablecoin-for-tron/" rel="noopener noreferrer nofollow">Justin Sun Unveils Incoming Gas-free Stablecoin for Tron</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Justin Sun Unveils Incoming Gas-free Stablecoin for Tron

Table of Contents

TheCoinrise Media

Other articles published on Jul 7, 2024

What FLOKI’s correlation with Shiba Inu means for its price

North Carolina Governor Vetoes Bill Blocking Federal CBDCs

Politician Pepe Investor Makes 300% Profit, But Waits For 18,000% Surge

Crypto Weekly Recap: Court Rules Cryptos Not Securities; Circle Gains EU Approval; Mt. Gox Repaym...

Unlock Passive Income: BlockDAG’s X10 Miner to Yield $10 Daily at Launch! Uncover XRP Price Forec...

Best Cryptos Under $1 for Maximum Gains

Join our free newsletter for daily crypto updates!