Sun declined to explain the technical details, but noted that the gas fees will somehow be covered by the stablecoins themselves.
Tron founder Justin Sun announced plans on X to develop a stablecoin that users can transfer back and forth without paying gas fees. Instead, the gas fees will be "...entirely covered by the stablecoins themselves," according to Sun.
According to Sun's post, the stablecoin will first launch on the Tron blockchain before eventually expanding to Ethereum and all blockchains compatible with the Ethereum Virtual Machine . "We anticipate launching this service in Q4 of this year. 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," Sun's X post reads. The stablecoin may be intended to compete with similar offerings, including PayPal's PYUSD, which allows U.S.-based users to swap the stablecoin for USD and then send cross-border payments around the world without fees.
Similarly, USDC transfers on the Ethereum Layer 2 blockchain Base made through Coinbase Wallet are currently free, which has led to a drastic increase in the volume of that stablecoin on that network. Again, Coinbase is likely subsidizing the transfers rather than implementing a native mechanism by which the fees are covered by the stablecoins themselves, as Sun has described.
USDC issuer Circle and exchange Binance have both discontinued USDC support on Tron, providing Sun with another incentive for a successful native stablecoin on the network he founded. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
People Justin Sun Stablecoin Tron
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TRON Dethrones Shiba Inu (SHIB), While Founder Justin Sun Buys EthereumTRON has climbed to top spot, dethroning Shiba Inu (SHIB), as its founder, Justin Sun, aggressively buys Ethereum
Read more »
TRON Founder Justin Sun Transfers $21 Million in Crypto to World's Largest Exchange$21 million crypto transfer to Binance by TRON founder Justin Sun frightens bulls
Read more »
TRON Founder Justin Sun Wins Landmark Case in the People's Court of ChinaGeneva Switzerland, June 26, 2024 – TRON DAO welcomes an unprecedented victory by its founder Justin Sun in the People’s Court of China over a landmark
Read more »
TRON founder Justin Sun wins landmark case in the People's Court of ChinaTRON DAO welcomes a victory by its founder Justin Sun in the People’s Court of China over a defamation suit filed against the Chongqing Business Media Group (“the Media”)
Read more »
Confirmed: Audi Q6 E-Tron Sportback and RS Q6 E-Tron Coming Next YearAudi also said that a PPE-platform-based A6 is also in the works.
Read more »
2024 Audi Q6 and SQ6 E-Tron First Drive Review: E-Tron legacyWe drove the new Audi Q6 and SQ6 E-Tron electric SUVs, and find them a solid choice, representing a logical and welcome evolution of the company's plans.
Read more »