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In an exciting development, Tron founder Justin Sun has unveiled plans to introduce a game-changing stablecoin solution to make peer-to-peer transfers free. This initiative seeks to tackle one of the most significant barriers to blockchain usability — the exorbitant gas fees that have been a continuous thorn in the side for everyday users.
According to Sun, gas-free stablecoins could take corporate blockchain adoption to the next level.
Free Stablecoin Transfers
Justin Sun announced in a July 6 post that his team is working on a gasless stablecoin initiative that users can send back and forth without paying gas fees.
For the uninitiated, gas fees accompany every transaction on a blockchain. To transfer stablecoins and most crypto assets, the user pays gas fees that are usually denominated in the native token of each network; for instance, gas fees for stablecoin transactions on the Tron network are paid with the native TRX token.
But with Sun’s solution, users would be able to transfer stablecoins without requiring TRX or other assets as the gas fees will be “entirely covered by the stablecoins themselves.”
The controversial Chinese crypto mogul hopes the gasless stablecoin will first be deployed on the Tron blockchain in the fourth quarter of this year before later expanding to Ethereum and other blockchains compatible with the Ethereum Virtual Machine (EVM). However, he did not provide more details on how these gasless transfers will work.
Sun thinks the gas-free stablecoins could be revolutionary for firms seeking to provide stablecoin services:
“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’s stablecoin will likely compete with PayPal’s PYUSD, which allows some United States-based users to make cross-border payments for free. But, PYUSD requires users to immediately swap out of the stablecoin, while Sun’s stablecoin, if successful, would not need that step.
Tron Network Maintains Robust User Base Amid Market Onslaught
Meanwhile, the Tron blockchain has maintained a strong user base characterized by steady growth in the number of active users since the start of the year.
CryptoQuant analyst Ben Sizelove recently posited that this feat had been mainly caused by myriad applications on the Tron network, including payments stablecoins, and real-world assets. Moreover, Sizelove observed that Tron’s exhibition of a robust user base comes amid market uncertainty and the heightened selling pressure that is presently hitting the wider crypto market.
Price-wise, TRX has also shown some resilience. The token has seen some value drop, but not to the extent of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.
Nermeen Nabil Khear