HomeCrypto NewsJustin Sun, Crypto Billionaire, Hints at Launching Gas-Free Stablecoin by End of...

Justin Sun, Crypto Billionaire, Hints at Launching Gas-Free Stablecoin by End of Year

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Crypto billionaire Justin Sun has announced plans to revolutionize the stablecoin market with the launch of a gas-free stablecoin by the end of the year. The Tron founder aims to develop a solution that enables peer-to-peer transfers without the need for gas tokens, making transactions completely free for users.

While the exact mechanics of the stablecoin solution have not been disclosed, Sun intends to integrate it on the Tron blockchain in the fourth quarter. He stated, “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.”

Following the Tron implementation, Sun plans to expand the availability of the gas-free stablecoin to Ethereum and other Ethereum Virtual Machine-compatible public chains. He believes that this innovation has the potential to revolutionize the way companies offer stablecoin services and increase the adoption of blockchain technology.

Tron currently dominates the peer-to-peer stablecoin transfer market, processing two to three times more volume than its closest competitor, Ethereum. The introduction of Tron’s gas-free stablecoin solution could provide competition for existing offerings such as PayPal’s PYUSD and Circle’s USD Coin on Ethereum’s layer 2 Base via Coinbase Wallet.

Additionally, Tron is exploring the development of a Bitcoin layer-2 solution that would support a wrapped version of Tether, facilitating a significant influx of capital into the Bitcoin ecosystem. The company is also utilizing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron networks.

As stablecoin holdings among investors have decreased, Bitcoin continues to be the largest single asset held, accounting for 26% of total assets in the leading cryptocurrency. Retail traders and institutions show a preference for BTC over ETH, with institutional positions in BTC and ETH more concentrated following the SEC’s approval of Bitcoin Spot ETFs in January 2024.

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