- Justin Sun’s gasless stablecoin initiative aims to revolutionize Tron’s transaction methods.
- Tron’s stablecoin activity surpasses BSC, showcasing growth and focus on cost efficiency.
Tron founder Justin Sun has ignited intrigue and discussion within the crypto community with his initiative to create a gasless stablecoin solution. This is designed to enable cost-free peer-to-peer stablecoin transfers.
Expanding on the topic, Sun noted,
“Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.”
A huge development
Considering Circle’s recent announcement to discontinue its USDC coin on the Tron blockchain, Justin Sun’s initiative represents a significant pivot in the Tron network.
This development aims to revolutionize Tron’s transactions, addressing scalability and efficiency challenges in blockchain.
Sun further elaborated,
“This innovation will first be implemented on the Tron blockchain and later support Ethereum and all EVM-compatible public chains.”
Tron roots for stablecoins
Here, it is important to note that the success of Tron is significantly driven by stablecoin usage on its blockchain.
Artemis’ recent post indicates continuous growth in stablecoin-related metrics on the platform, with a recent peak circulating supply of $60 billion.
Additionally, the number of addresses utilizing stablecoins on Tron has reached an all-time high (ATH), even surpassing Binance Smart Chain (BSC), one of the most active blockchains for stablecoins.
Visa’s on-chain analytics further confirm these trends, noting that while BSC leads in transaction volume, it sees more transactions under $100 and fewer in the $100-$1,000 range.
In contrast, Tron showed a more balanced distribution, with nearly equal numbers of transactions in the <$100 and $100-$1,000 ranges.
Source: Visa on-chain analytics
What lies ahead for stablecoins?
With plans to launch this service in Q4, Justin Sun’s initiative for gasless transactions is noteworthy.
In fact, recently Uniswap Protocol founder Hayden Adams also emphasized the importance of such advancements, and stated,
Source: Hayden Adams/X
This initiative aims to boost blockchain adoption, enabling easier access to its benefits with reduced transaction costs.
Further highlighting the rise of stablecoin adoption, Circle CEO Jeremy Allaire best put it when he said,
“By the end of 2025, stablecoins will be “legal electronic money” almost everywhere, which sets them up to become a larger and larger portion of the $100T+ market for electronic money.”
That being said, at the time of writing, USDC recorded a monthly transaction volume of $18.23 billion, while USDT recorded $12.73 billion for July.
This represents a significant decrease compared to June’s volumes. As per reports, USDC had a transaction volume of $809.46 billion, while USDT reached $171.11 billion in June.
Source: Visa on-chain analytics
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