The TRON team is developing a groundbreaking solution that will enable stablecoin transfers without any fees, as announced by TRON founder and cryptocurrency exchange HTX advisor Justin Sun. This innovative service is anticipated to be available on the TRON network by the fourth quarter of 2024, promising a significant advancement in blockchain technology for corporate adoption.
Sun explained that these transfers could be made without the need for gas payments, with all associated fees being covered by the stablecoins themselves. While detailed specifics of the mechanism are not yet disclosed, Sun revealed that the service would initially be implemented on the TRON blockchain before expanding to Ethereum and other networks.
This move by TRON could potentially redefine peer-to-peer (P2P) payment markets, where it is already emerging as a leader, processing approximately twice as many transactions as the Ethereum network, according to analysts at Artemis. Data from DeFiLlama also shows that the total capitalization of stablecoins in the network is nearing $58 billion, with over 98% represented by Tether's USDT.
Experts believe that this no-fee transfer solution could allow TRON to compete directly with major players like PayPal, which offers a similar service with its own stablecoin, PYUSD. Furthermore, Circle's transfer of USDC via Coinbase Wallet in the second-layer network Base also operates without a transaction fee, demonstrating a growing trend towards minimizing transfer costs in the blockchain space.
Previously, it was reported that Circle would discontinue the issuance of USDC on the TRON network, possibly prompting the development of TRON's own fee-free transfer mechanism. Additionally, in February 2024, TRON announced plans to launch an L2 (second-layer) network based on Bitcoin, with Justin Sun publishing a roadmap for the implementation.
The deployment of this no-fee stablecoin transfer service by TRON could potentially usher in a new era of efficiency and cost-effectiveness in blockchain applications, reshaping the landscape of digital transactions.
