Cryptocurrencies

Free crypto transactions? For stablecoins, this could be possible on Tron as early as 2024


In the previous bull runs, we heard a lot from Justin Sun. The founder of crypto project Tron (TRX) was always busy with playful marketing actions, but during this cycle he has been surprisingly quiet. Until today, he shared on X that the Tron blockchain could possibly perform free stablecoin transactions.

Stablecoin transactions without accelerating

On Saturday July 6th announced Justin Sun announced in a post on X that his team is working on enabling gas-free peer-to-peer (P2P) stablecoin transactions.

This means that you can transfer stablecoins without paying gas fees, as the costs are fully covered by the stablecoins themselves. However, Sun did not provide details on how exactly this gas-free mechanism works.

This new feature will first appear on the Tron blockchain will be implemented, and then on Ethereum and other networks compatible with the Ethereum Virtual Machine (EVM). Sun added that his team hopes to launch the feature in the fourth quarter of 2024.

According to Sun, gasless stablecoin transactions can boost the mass adoption of stablecoins. He wrote: “I believe that similar services will greatly help large enterprises deploy stablecoin services on the blockchain, which will take the mass adoption of blockchain to a new level.”

Stablecoins on Tron are growing

According to blockchain analytics firm Artemis, which released a post on X placedTron has seen “constant growth” across all stablecoin metrics, with its circulating supply recently reaching an all-time high of $60 billion.

The number of addresses using stablecoins on Tron is also at an all-time high. The network is also leading in terms of P2P stablecoin transactions — these are two to three times higher than those on Ethereum.

Artemis notes that the data suggests that “Tron facilitates more payments and money transfers compared to DeFi activities.”

Tron’s innovation of gasless stablecoin transactions could be a potential competitor to PayPal-issued stablecoin PYUSD. PayPal allows certain users in the US to send stablecoins across borders for free.

Another potential competitor could be Circle’s USD Coin (USDC), the second-largest stablecoin after Tether (USDT). USDC transactions are gas-free on the Ethereum layer 2 blockchain Base, developed by Circle and used with the Coinbase wallet.

Tron is also considering developing a Bitcoin layer 2 network that would support a wrapped version of Tether. This innovation could potentially bring millions of dollars to the Bitcoin ecosystem.



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