Tron develops digital dollar project without transaction fees

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Key facts: The announcement was made by the founder of the network, Justin Sun. 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 have in hand to promote the use of stablecoins as “digital dollars.” “Our team is developing a new solution that allows gas-free stablecoin transfers,” he said. As he advanced, Peer-to-peer (P2P) transaction fees will be entirely covered by such cryptoassets instead of paying TRX tokens as gas. However, Justin Sun did not clarify how the mechanism will work at this time. 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 that meet this characteristic will be launched. “We anticipate the launch of this service in the fourth quarter of this year,” said Sun. The innovation will first be implemented on Tron and will later support Ethereum and all networks compatible with the Ethereum Virtual Machine (EVM).

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.

P2P stablecoin transfers on major cryptocurrency networks. Source: Artemis. As BitcoinDynamic reported, Tron's dominance is partly due to the fact that it accounts for the largest number of tether (USDT) transactions, which is the main stablecoin on the market with a capitalization of 112 billion dollars (USD). Stablecoins are crypto assets that maintain the same price as a fiat currency, the majority being the US dollar. That is why they are also known as «digital dollars.»