Tron develops digital dollar project without transaction fees
Key facts:
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The announcement was made by the network’s founder, Justin Sun.
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The solution will be launched in the fourth quarter of 2024.
Justin Sun, founder of the Tron network and its native cryptocurrency, TRX, has revealed the new initiative they are working on to promote the use of stablecoins as “digital dollars.”
“Our team is developing a new solution that allows gas-free stablecoin transfers,” he said. He added: Peer-to-peer (P2P) transaction fees will be entirely covered by such cryptoassets instead of paying TRX tokens as gas.
However, Justin Sun has not yet clarified how the mechanism will work. He did not say whether it will be applicable to existing stablecoins (such as USDT, the main stablecoin that “lives” on Tron) or whether new stablecoins will be launched that meet this characteristic.
“We anticipate launching this service in the fourth quarter of this year,” Sun said. The innovation will be implemented first on Tron and will later support Ethereum and all Ethereum Virtual Machine (EVM)-compatible networks.
Tron founder expects more such developments in the cryptocurrency industry
For Sun, Initiatives like this are crucial for crypto assets to gain greater use.“Similar services will make it much easier for large companies to implement stablecoin services on the blockchain, taking mass adoption of blockchain to a new level,” he said.
Tron currently leads the P2P stablecoin transfer market, exceeding Ethereum’s volume by two times. This can be seen in the following chart.
As reported by CriptoNoticias, Tron’s dominance is due in part to the fact that it accounts for the largest number of tether (USDT) transactions, which is the main stablecoin in the market with a capitalization of 112 billion dollars (USD).
Stablecoins are cryptoassets that maintain the same price as a fiat currency, most of which is the US dollar. That is why they are also known as “digital dollars.”
