Justin Sun Announces Plans for Gas-Free Peer-to-Peer Stablecoin Transfers on Tron Blockchain
Justin Sun, the founder of Tron, has announced a groundbreaking development in the world of stablecoin transfers. In a recent post on X, Sun revealed that his team is working on enabling gas-free peer-to-peer (P2P) stablecoin transfers.
This new feature would allow stablecoin transfers to be made without the need to pay any gas tokens, with the fees being covered entirely by the stablecoins themselves. While Sun did not provide specific details on how this gasless mechanism would work, he did mention that the feature will first be implemented on the Tron blockchain, with plans to expand to Ethereum and all Ethereum Virtual Machine (EVM) compatible networks in the future. The team aims to launch this feature in the fourth quarter of 2024.
Sun believes that gasless stablecoin transfers could significantly boost the mass adoption of stablecoins, stating that it will make it easier for large companies to deploy stablecoin services on the blockchain, ultimately elevating blockchain mass adoption to a new level.
Recent data from blockchain analytics firm Artemis shows that Tron has been experiencing significant growth in stablecoin metrics, with the circulating supply reaching an all-time high of $60 billion. The network also leads in P2P stablecoin transfers, with transfers on Tron being two to three times higher than those on Ethereum.
Tron’s new innovation could potentially position it as a strong contender against other popular stablecoins like PayPal-issued PYUSD and Circle’s USD Coin (USDC). Additionally, Tron is exploring the development of a Bitcoin layer 2 network that would support a wrapped version of Tether, potentially opening up new opportunities for funds to enter the Bitcoin ecosystem.
Sun’s announcement comes after Circle and Binance discontinued support for USDC on the Tron network, signaling a shift in the stablecoin landscape. With these new developments on the horizon, the future of stablecoin transfers looks promising on the Tron blockchain.
