Tron to develop gasless stablecoin transfers by Q4

Tron founder Justin Sun said: Announced In a July 6 post, X stated that his team is working on enabling gas-free peer-to-peer (P2P) stablecoin transfers.

In his X post, Sun noted that this means stablecoin “transfers can be made without paying gas tokens, and the fees are fully covered by the stablecoin itself,” but Sun did not elaborate on how the gasless mechanism would work.

Sun said the feature will first be implemented on the Tron blockchain, followed by support for Ethereum and all Ethereum Virtual Machine (EVM)-compatible networks, adding that his team hopes to release the feature in the fourth quarter of 2024.

According to Sun, gasless stablecoin transfers could spur mass adoption of stablecoins. He wrote:

“We believe that a similar service would make it much easier for large enterprises to deploy stablecoin services on the blockchain, driving mass blockchain adoption to a new level.”

in post Blockchain analytics firm Artemis noted on June 27 that Tron has seen “consistent growth” across all stablecoin metrics, with its circulating supply recently hitting an all-time high (ATH) of $60 billion.

Artemis added that addresses using Tron stablecoin are also hitting record highs. Tron is also leading the way in P2P stablecoin transfers, with Artemis saying Tron transfers are two to three times higher than Ethereum.

According to Artemis, the data suggests that “Tron is facilitating more payments and transfers compared to DeFi activity.”

Tron’s new gasless stablecoin transfer innovation could emerge as a potential competitor to PayPal’s stablecoin PYUSD, which allows certain U.S.-based users to send stablecoins across borders for free.

Another potential candidate is Circle’s USD Coin (USDC), the second largest stablecoin after Tether (USDT). USDC transfers are made gas-free on the Ethereum Layer 2 blockchain Base developed by Circle using the Coinbase wallet.

Tron is also looking to develop a Bitcoin Layer 2 network that would support a wrapped version of Tether, an innovation that, if developed, could help spark millions of dollars to flow into the Bitcoin ecosystem.

Sun’s announcement comes after Circle and Binance dropped support for USDC on the Tron network.

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