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Tron, under Justin Sun’s leadership, is creating a gas-free stablecoin to eliminate fees on Ethereum and Tron, challenging PayPal's PYUSD.
Eliminating Gas Fees: Tron's New Stablecoin Initiative
The creator of Tron, Justin Sun, has come clean about the fact that his team is working on a gasless stablecoin solution to eliminate the fees associated with P2P transfers.
Sun plans to implement the stablecoin solution on Tron in the fourth quarter, and then move on to Ethereum and other public chains that are compatible with the Ethereum Virtual Machine in the following quarters.
The stablecoins themselves will pay for the transfer fees, so users won't have to spend any gas tokens, Sun noted in a post from July 6 on X. He didn't say how the process would work, though.
Sun thinks that businesses aiming to provide stablecoin services would benefit greatly from these gas-free stablecoins.
In a post on June 27, X, blockchain analytics firm Artemis reported that Tron is presently leading the peer-to-peer stablecoin transfer market and processes two to three times the volume of Ethereum, which is in second position.
PayPal’s PYUSD and the Competitive Stablecoin Market
Per Cointelegraph, one possible rival to Tron's idea is PayPal's PYUSD, which enables free international payments for some users in the US.
Free transfers are also possible using Circle's USD Coin on Ethereum layer 2 Base through the Coinbase Wallet. Perhaps Tron will feel more pressured to develop their own solution now that Circle and Binance have deprecated USDC on Tron.
Future Developments: Tron's Plans for Bitcoin Integration
To facilitate the possible influx of billions of dollars into the Bitcoin ecosystem, Tron is contemplating developing a Bitcoin layer-2 solution that might accommodate a "wrapped" variant of Tether.
Tokens like USDT can now be transferred between Tron and Bitcoin thanks to Tron's use of pre-existing cross-chain protocols.
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