Crypto billionaire Justin Sun has announced plans to introduce a gas-free stablecoin by the end of 2024, promising fee-free transactions for users.

Sun aims to implement this innovation initially on the Tron (CRYPTO:TRX) blockchain, with future expansions to Ethereum (CRYPTO:ETH) and other compatible networks.

This move is seen as a direct challenge to existing stablecoin offerings like PayPal's PYUSD and Circle's USD Coin on Ethereum's layer 2.

Sun's initiative also includes exploring a Bitcoin (CRYPTO:BTC) layer-2 solution to support wrapped Tether (CRYPTO:USDT), potentially injecting substantial liquidity into the Bitcoin ecosystem.

As stablecoin holdings among investors decrease, Bitcoin remains a favored asset, particularly among institutional traders following the SEC's approval of Bitcoin Spot ETFs earlier this year.