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Tron founder Justin Sun believes that stablecoins without gas fees can take institutional adoption of blockchain to a new level. Tron founder Justin Sun announced that his team is working on a gas-free stablecoin solution to make peer-to-peer transfers free for everyone.
Sun expects to integrate its stablecoin solution onto the Tron blockchain in the fourth quarter of this year, then transition to Ethereum and other Ethereum Virtual Machine (EVM) compatible public chains.
“Transfers can be made without paying gas tokens, and the fees are covered entirely by stablecoins,” Sun said in a post on the X platform on July 6. However, he did not explain how the mechanism would work. Sun thinks stablecoins without gas fees could be a game changer for companies looking to offer stablecoin services. “I believe that similar services will greatly facilitate large companies to deploy stablecoin services on the blockchain and take the mass adoption of blockchain to a new level.”
Tron is currently the leader in the peer-to-peer stablecoin transfer market, consistently processing two to three times the volume of second-place Ethereum, according to a June 27 X post by blockchain analysis firm Artemis.
According to DefiLlama data, Tron hosts more than $50 billion of the $112 billion worth of Tether issued across various blockchains.
Tron’s solution could compete with PayPal’s PYUSD, which allows select US-based users to make cross-border payments for free.
Circle’s USD Coin also provides free transfers via Coinbase Wallet on Ethereum layer 2 Base.
Circle and cryptocurrency exchange Binance recently removed USDC support on Tron, perhaps providing an incentive for Tron to develop its own solution. Tron is also considering developing a Bitcoin layer-2 solution that would support a “wrapped” version of Tether – which could potentially see billions of dollars flow into the Bitcoin ecosystem. Currently, Tron leverages existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron.
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