Tron Develops Gas-Free Stablecoin for Ethereum and Tron Chains

The founder of Tron, Justin Sun, is pioneering an innovative gas-free stablecoin solution that promises to enhance corporate adoption of blockchain technology.

Justin Sun has announced that his development team is creating a gasless stablecoin solution designed to facilitate free peer-to-peer transfers. Sun envisions launching this stablecoin on the Tron blockchain in the fourth quarter, with subsequent integration on Ethereum and other Ethereum Virtual Machine (EVM)-compatible public chains.

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"Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves," Sun elaborated in a statement made on July 6 via X (formerly Twitter). However, he did not provide specific details on the operational mechanism of this gas-free system.

Tron currently dominates the peer-to-peer stablecoin transfer market, processing volumes two to three times greater than second-placed Ethereum, as highlighted by blockchain analytics firm Artemis in a post dated June 27.

According to DefiLlama data, Tron hosts over $50 billion of Tether's USDT, contributing significantly to the $112 billion in value issued across various blockchains.

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This new stablecoin solution from Tron could potentially rival PayPal’s PYUSD, which allows certain users in the United States to make cross-border payments without incurring fees. Similarly, Circle’s USD Coin (USDC) on Ethereum layer-2 Base via Coinbase Wallet also facilitates free transfers.

Recent developments have seen Circle and cryptocurrency exchange Binance withdraw support for USDC on Tron, potentially motivating Tron to develop a proprietary solution.

In addition to the gasless stablecoin initiative, Tron is exploring the creation of a Bitcoin layer-2 solution to support a "wrapped" version of Tether. This could potentially channel billions of dollars into the Bitcoin ecosystem.

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Currently, Tron utilizes existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron, leveraging these protocols to enhance liquidity and interoperability across blockchains.

News Source:- cointelegraph.com