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USDT Token Sufficient on Statemine Parachain, Eases Transactions

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  • USDT token is now sufficient for payment on Kusama’s Statemine parachain.
  • Terra registered USDT on Statemine requesting its existence on Kusama.
  • This is expected to increase transactions and make it more flexible for holders.

Following the official implementation of the Kusama proposition 197 referendum, Tether (USDT) is now sufficient for paying transaction fees on the Kusama ecosystem. This was made possible after USDT was registered on Statemine, a parachain working on Polkadot’s Kusama network. Now, USDT can exist on Kusama accounts, without the need for the KSM token of Kusama.

What’s more, using USDT on Kusama makes the transaction process more flexible. As stated on the Polkassembly website, the stablecoin will power transactions on Kusama’s Statemine parachain needed for asset deployment and balance-keeping of fungible and non-fungible tokens.

Furthermore, the website states that assets can be sufficient or non-sufficient on Statemine. To hold a non-sufficient asset, the Statemine account needs to exist on-chain. However, the receiver account must have at least 3.33 microKSM, which is the Existential Deposit for a Statemine account.

“If an asset is Sufficient, the Existential Deposit in KSM on the receiver account is not needed to create the account; the asset itself is sufficient. The team (USDT) is requesting this property to be voted by governance.”

As the blog stated, many people in the Kusama network believe that a stablecoin like USDT can boost the DeFi ecosystem and support an increase in transactions, specifically on DeFi-focused chains.

To add, USDT is already working on other blockchain networks, such as Ethereum, Algorand, TRON, EOS, Omni, and Solana. Last month, Tether USDT was launched on Kusama and Polkadot networks. Also, Tether CTO Paolo Ardoino had said that Tether would launch on these networks after Statemint (parachain of Polkadot) becomes available.

Article Categories:
Bitcoin · kusama · Latest Post · Market · Market News · News · Tether · USDT

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