Justin Sun reveals Tron is developing gas-free stablecoin
Justin Sun has just announced plans to develop a gas-free stablecoin on TRON, expected to launch in Q4/2024.
On the evening of July 6, Justin Sun revealed his plan to develop a gas-free stablecoin, expected to launch on TRON in Q4/2024 and then expand to Ethereum and EVM-compatible blockchains.
Users will not need to pay gas fees when trading with this new stablecoin. Instead, the costs will be completely covered by the stablecoin itself.
Sun believes that eliminating gas fees will be a breakthrough, making it easier for large companies to deploy stablecoin services on the blockchain. He said:
“I believe similar services will make it easier for large companies to deploy stablecoins on the blockchain, while taking blockchain adoption to the next level.”
In February 2024, Circle stopped supporting USDC on the TRON blockchain and discontinued the USDC new mint service on the network, announcing that this action was within the company's risk control framework. After that, Binance also closed the USDC deposit and withdrawal port on the TRON network. This is probably the main reason that motivated Justin Sun to create a private stablecoin on the blockchain he founded.
This is also an important step to continue retaining users as TRON is currently the leading blockchain in P2P stablecoin transaction volume, twice that of Ethereum.
If successful, TRON's new stablecoin could compete with leading stablecoins such as PayPal's PYUSD, which allows US users to transfer money across borders for free, or USDC stablecoin that supports free transactions through Coinbase Wallet. on Layer-2 Base.
In the past, TRON also launched the USDD algorithmic stablecoin with a 30% committed APY to "catch the trend" of the algorithmic stablecoin trend of providing high deposit interest rates. However, after the collapse of LUNA-UST, TRON-USDD lost the 1 USD mark, raising many big questions about the collateral assets of USDD at that time.
TRX token price is increasing slightly after Justin Sun announced TRON will develop its own new stablecoin. Afterwards, TRX price also decreased following the BTC trend and is currently trading around 0.12 USD.
