Justin Sun Unveils Plans for Gas-Free Stablecoin Transfers, Targeting Mass Adoption

Tron (TRX) founder Justin Sun has revealed plans for an innovative solution to streamline stablecoin transfers by eliminating gas fees.

Tron (TRX) founder Justin Sun has announced plans to introduce a new feature that will eliminate the need for additional gas tokens when transferring stablecoins.

According to Sun, the upcoming feature will allow users to conduct stablecoin transactions without the burden of holding gas tokens to cover transaction costs. Instead, the stablecoins themselves will cover the fees.

This innovation is touted as a major step in facilitating the adoption of stablecoins by large enterprises, as the hassle of gas fees will be eliminated.

“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,” Sun explained.

Sun revealed that the innovation will initially be implemented on the Tron blockchain, with plans to extend support to the Ethereum and all EVM-compatible public chains.

He anticipates the service to launch in the fourth quarter of this year, adding that such services will ultimately enable large companies to deploy stablecoin services on the blockchain en masse.

“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 stated.

Introducing a gas-free stablecoin transfer solution could fundamentally enhance the user experience. It would remove the necessity to acquire and hold the network’s native token (TRX) to cover transaction costs, thereby reducing the total expenses involved in making stablecoin transfers.

Moreover, the streamlined transaction process, which eliminates the need for users to handle gas fees, is expected to improve the overall usability and accessibility of stablecoins for the average cryptocurrency user.

Sun's initiative has garnered significant attention within the crypto community, aiming to enhance user experience and promote wider adoption of stablecoins across diverse blockchain ecosystems.

Earlier this year, Sun addressed the United Nations’ concerns regarding the use of Tether’s (USDT) stablecoin in illicit activities. Highlighting alleged factual inconsistencies, Sun reiterated Tron’s commitment to maintaining blockchain integrity.

While acknowledging the concerns raised, Sun clarified discrepancies related to USDT transactions on Tron’s TRC-20 protocol. He emphasized Tron’s strong stance against malicious actors seeking to misuse blockchain technology, underscoring the need for a deeper understanding of blockchain dynamics to effectively achieve this goal.

Meanwhile, Tron DAO, the decentralized autonomous organization of the network, maintains that it is inaccurate to claim that USDT transactions processed through Tron’s TRC-20 protocol serve as the preferred choice for illicit activities.

The DAO highlights that Tron commands over 50% of the global market share for USDT, attributing its popularity to its speed and cost-efficiency, which cater to a diverse range of users across various sectors.

Tether, the issuer of USDT, has also disputed the UN’s claims, defending its operations and asserting that the transparent nature of blockchain transactions renders USDT impractical for illicit use.

In March 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun, founder of the Tron blockchain, and three of his companies over the alleged sale of unregistered securities.

The SEC’s lawsuit targets Sun’s entities, namely the Tron Foundation, BitTorrent Foundation, and Rainberry Inc., accusing them of orchestrating the unregistered offer and sale of crypto asset securities and engaging in alleged manipulative trading practices.

According to the SEC’s claims, Sun and his companies engaged various celebrities in promoting these unregistered securities. However, the provided information did not disclose specific details about the celebrities involved.

Tron’s legal team has filed a motion to dismiss the SEC’s lawsuit, arguing that the SEC is overstepping its jurisdictional authority by attempting to regulate foreign defendants and that the tokens in question, TRX and BTT, do not meet the criteria outlined in the Howey Test. As a result, they should not be classified as securities under U.S. law.

At press time, Tron (TRX) is trading at $0.127, up 1.5% over the last seven days, according to CoinGecko.

The above is the detailed content of Justin Sun Unveils Plans for Gas-Free Stablecoin Transfers, Targeting Mass Adoption. For more information, please follow other related articles on the PHP Chinese website!