Tron to develop gasless stablecoin transfers by Q4 News โธ TRON โธ Stablecoins
Tron to develop gasless stablecoin transfers by Q4
According to Tron founder Justin Sun, the mechanism would enable the cost of the transfer to be covered by the stablecoins themselves.
2 min read
Updated: Jul. 7, 2024 at 7:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Justin Sun, the founder of Tron, announced on July 6 in a post on X that his team is working on enabling gas-free peer-to-peer (P2P) stablecoin transfers.
In a post on X, Sun noted that this would mean that stablecoin โtransfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.โ Sun, however, did not elaborate on how the gasless mechanism would work.
Sun said that the feature will be implemented on the Tron blockchain first, followed by support for Ethereum and all Ethereum Virtual Machine (EVM) compatible networks. Sun added that his team hopes to launch the feature in the fourth quarter of 2024.
According to Sun, gasless stablecoin transfers could boost mass adoption of stablecoins. He wrote:
โI believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.โ
In a post on X on June 27, blockchain analytics firm Artemis noted that Tron has witnessed โconsistent growthโ across all stablecoin metrics, with its circulating supply recently reaching an all-time-high (ATH) of $60 billion.
Artemis added that addresses using stablecoins on Tron is also at an ATH. The network also leads in terms of P2P stablecoin transfers โ transfers on Tron are two to three times that of Ethereum, as per Artemis.
According to Artemis, the data suggest that โTron is facilitating more payments and money transfers, compared to DeFi activity.โ
Tronโs new innovation of gasless stablecoin transfers could emerge as a potential contender for PayPal-issued stablecoin PYUSD. PayPal enables certain U.S.-based users to transfer stablecoins across borders for free.
Another potential contender could be Circleโs USD Coin (USDC), the second largest stablecoin after Tether (USDT). USDC transfers are gasless on Ethereum layer 2 blockchain Base, developed by Circle, using the Coinbase wallet.
Tron is also considering developing a Bitcoin layer 2 network that would support a wrapped version of Tether. The innovation, if developed, could open a gateway for potentially millions of dollars to enter the Bitcoin ecosystem.
Sunโs announcement comes after Circle and Binance discontinued support for USDC on the Tron network.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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TRON is one of the largest blockchain-based operating systems.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.