Tron to develop gasless stablecoin transfers by Q4 Stablecoins 2 days ago

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 “transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.” 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:“I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”In a post on X on June 27, blockchain analytics firm Artemis noted that Tron has witnessed “consistent growth” 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 — transfers on Tron are two to three times that of Ethereum, as per Artemis.According to Artemis, the data suggest that “Tron is facilitating more payments and money transfers, compared to DeFi activity.”Tron’s 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 Circle’s 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.Sun’s announcement comes after Circle and Binance discontinued support for USDC on the Tron network.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.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Get the latest crypto news and expert insights. Delivered to you daily.First RWA rebase protocol stUSDT achieves new security milestone with ChainSecurity’s successful audit.Winners receive $650,000 prize pool and preview of next season’s new sponsors and expanded tracks.Market stakeholders question if Sun would pass the due dilligence that would be involved in the transaction.Per the court’s ruling, the media group issued a public apology acknowledging they published unverified and defamatory information about Sun.CryptoSlate’s latest report dives deep into Glassnode’s regional supply and price metrics to analyze their changes in the first half of the year.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.