Tron Aims for Gasless Stablecoin Transfers
Tron, the blockchain platform founded by Justin Sun, is working on a feature that would enable gas-free peer-to-peer (P2P) stablecoin transfers.
This feature, set to be launched in Q4 2024, aims to cover the cost of transferring stablecoins with the stablecoins themselves.
Tron plans to implement this feature first on its own blockchain, followed by support for Ethereum and all Ethereum Virtual Machine (EVM) compatible networks.
This innovation could lead to a significant boost in the adoption of stablecoins, especially for large companies deploying stablecoin services on blockchains.
Tron’s Stablecoin Growth
Tron has experienced consistent growth in stablecoin metrics. Its circulating supply recently reached an all-time high (ATH) of $60 billion, and the number of addresses using stablecoins on the platform is also at an ATH.
Tron leads in P2P stablecoin transfers, with its volume being two to three times that of Ethereum. This suggests that Tron is becoming a key platform for payments and money transfers.
Competing with Other Stablecoin Solutions
Tron’s gasless stablecoin transfers could compete with similar solutions offered by PayPal and Circle.
PayPal allows certain U.S. users to transfer stablecoins across borders for free. Circle’s USD Coin (USDC) offers gasless transfers on Ethereum layer 2 blockchain Base, developed by Circle, using the Coinbase wallet.
Potential for Bitcoin Integration
Tron is also exploring the development of a Bitcoin layer 2 network that would support a wrapped version of Tether. This innovation, if developed, could potentially attract millions of dollars into the Bitcoin ecosystem.
Tron’s move towards gas-free stablecoin transfers demonstrates its commitment to innovation and could significantly impact the stablecoin landscape. The implications of this feature extend beyond Tron, potentially creating a more accessible and user-friendly environment for stablecoin transactions across multiple blockchains.
