The founder of the TRON blockchain, Justin Sun, has announced plans to launch a new solution that supports gas-free stablecoin transactions.
In an X post, Sun noted that this solution will allow people to transfer stablecoins without paying gas fees. The fees paid by those using the platform will be in the form of stablecoins.
A Gas-Free Stablecoin Solution
The stablecoin solution by the TRON founder will initially be implemented on the Tron blockchain. It will later be supported on the Ethereum blockchain and other public chains compatible with Ethereum Virtual Machine (EVM).
Sun noted that this solution will be released towards the end of the year during the fourth quarter.
The solution seeks to benefit platforms and large companies that want to adopt stablecoins as a means of payment or use blockchain solutions.
Sun said,
We anticipate launching this service in Q4 of this year. 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.
TRON has emerged as a leading blockchain in the cryptocurrency and blockchain industry. Data from DeFiLlama shows that it has a total value locked (TVL) of more than $7 billion.
Scooping A Share Of The Stablecoin Market
Stablecoins have a market capitalization of more than $162 billion. The Tether (USDT) stablecoin is the largest in the market, with a market cap of over $112 billion, eight-fold higher than that of the second-largest stablecoin, USD Coin (USDC).
The USDT stablecoin launched on the TRON blockchain in 2019. USDT creators used the blockchain to escape the high fees and other limitations of the Ethereum network.
Launching another stablecoin on TRON could be a notable success, given that the network already accounts for massive stablecoin volumes.
This new solution will also position the TRON blockchain as a competitor against the stablecoins launched by traditional financial companies such as PayPal.
The payments giant launched the PYSUD stablecoin to bolster blockchain adoption.
The PYSUD stablecoin targets users based in the US, allowing them to make cross-border payments without paying any fee. The stablecoin is created on the Solana blockchain and supports transactions on multiple cryptocurrency exchanges.
Besides PYSUD, the USDC stablecoin is also gaining adoption swiftly by allowing free transfers on the Base layer-two network.
The trend of cost-free stablecoins could see TRON’s solution secure fast adoption. Unlike PYUSD, which is limited to the United States, a transaction-free stablecoin by TRON could gain broader adoption.
Besides the recently announced stablecoin by Sun, TRON is also working on a Bitcoin layer-two solution with a wrapped version of Tether.
If this solution debuts in the market, it will allow billions of dollars worth of stablecoins to enter the Bitcoin ecosystem.
