Tron (TRX) founder Justin Sun has revealed his plans for an innovative solution to simplify stablecoin transfers by eliminating gas fees.
Facilitating stablecoin transfers
According to Sun, this upcoming feature will enable users to conduct stablecoin transactions without the burden of additional gas tokens, with fees instead covered by the stablecoins themselves.
This represents a major breakthrough that will simplify the adoption of stablecoins by large corporations, and eliminate the hurdle of gas fees.
Sun confirmed that the innovation will initially be rolled out on the Tron blockchain, with plans to expand support to Ethereum and all EVM-compatible public chains.
he is expected Bitcoin announced the launch of the service in the fourth quarter of this year, noting that similar services will make it easier for large companies to deploy stablecoin services on the blockchain.
Providing a gas-free stablecoin transfer solution would fundamentally enhance the user experience. It would eliminate the need to acquire and hold the network’s native token (TRX) to cover transaction costs, thus reducing the overall cost of making stablecoin transfers.
Furthermore, the simplified transaction process, which eliminates the need for users to deal with gas fees, is expected to improve the overall usability and accessibility of stablecoins for the average crypto user.
Sun’s initiative has generated significant interest within the cryptocurrency community, with the aim of improving user experience and promoting wider adoption of stablecoins across diverse blockchain systems.
Sun Responds to UN Concerns, SEC Lawsuit
Earlier this year, Sun responded to UN concerns about Tether’s USDT stablecoin being used for illicit activities.
Sun highlighted what he said were factual inconsistencies and reiterated Tron’s commitment to maintaining the integrity of the blockchain.
While Sun acknowledged the concerns raised, he pointed out the discrepancies regarding USDT transactions on Tron’s TRC-20 protocol.
He emphasized TRON’s strong support for preventing malicious actors from misusing blockchain technology, but stressed the importance of a deeper understanding of blockchain dynamics to achieve this goal.
Meanwhile, the Tron DAO, the network’s decentralized autonomous organization, claims that it is inaccurate to claim that USDT transactions facilitated through Tron’s TRC-20 protocol are the preferred choice for illicit activities.
The DAO explained that Tron controls more than 50% of the global market share of USDT, confirming its popularity due to its speed and cost-effectiveness, which attracts users across various sectors.
Tether, the issuer of USDT, also disputed the UN’s allegations, defending its operations and asserting that the transparent nature of blockchain transactions makes USDT impractical for illicit use.
In March 2023, the US Securities and Exchange Commission (SEC) initiated legal proceedings against Justin Sun, founder of the TRON blockchain, and three of his companies, accusing him of selling unregistered securities.
The SEC lawsuit targets Sun entities — Tron Foundation, BitTorrent Foundation, and Rainberry Inc. — accusing them of orchestrating the unregistered offer and sale of cryptocurrency securities and engaging in alleged manipulative trading practices.
According to the SEC’s allegations, Sun and his companies hired a number of celebrities to promote these unregistered securities. However, the information provided did not reveal specific details about the celebrities in question.
Tron’s legal team has filed a motion to dismiss the SEC lawsuit. They claim that the SEC is overstepping its jurisdictional boundaries by attempting to regulate foreign defendants. Additionally, they claim that the tokens in question, TRX and BTT, do not meet the criteria set forth in the Howey Test. Therefore, they should not be classified as securities under U.S. law.
At the time of publishing, Tron (TRX) is trading at $0.127, representing a 1.5% price increase over the past seven days, according to CoinGecko data.
