Tron founder Justin Sun has unveiled plans for a gasless stablecoin solution aimed at enabling free peer-to-peer transfers for all users. According to Sun, the stablecoin solution will first be integrated into the Tron blockchain by the fourth quarter, with plans to extend to Ethereum and other Ethereum Virtual Machine-compatible public chains shortly thereafter.
In a July 6 announcement, Sun detailed that transfers using this solution would incur no gas token fees, with all costs covered directly by the stablecoins themselves. However, specific operational details of this mechanism were not disclosed.
Sun envisions the introduction of gas-free stablecoins as a significant development for companies seeking to offer stablecoin services, suggesting that such solutions could greatly simplify blockchain adoption among larger enterprises.
Tron currently dominates the peer-to-peer stablecoin transfer market, processing two to three times more volume than its closest competitor, Ethereum, as highlighted by blockchain analytics firm Artemis on June 27.
Tron currently hosts over $50 billion worth of Tether (USDT), issued across multiple blockchains, according to DefiLlama data.
Tron's initiative could potentially rival PayPal's PYUSD, which allows select U.S.-based users to make free cross-border payments. Meanwhile, Circle's USD Coin (USDC) on Ethereum's layer-2 Base via Coinbase Wallet also facilitates feeless transfers.
Recent decisions by Circle and Binance to withdraw support for USDC on Tron may have motivated Tron to pursue its own solution. Additionally, Tron is exploring the development of a Bitcoin layer-2 solution to support a wrapped version of Tether, aiming to bolster the Bitcoin ecosystem with potential flows of billions of dollars.
For now, Tron is leveraging existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and its own blockchain.