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Proposal for USDT Token Sufficiency on Statemint
Tether registered USDT on Statemint (asset ID 1984 - it can be verified here). The team is requesting Polkadot governance to make it sufficient such that it can pay transaction fees and exist on accounts without DOT. Tether's announcement can be found HERE. Polkadot's announcement can be found HERE.
On Statemint, assets can be Sufficient or Non-Sufficient. To hold a Non-Sufficient asset, the Statemint account needs to exist on-chain. This is different from Ethereum where a non-existent account can hold ERC-20 tokens, as users need to ensure that the receiver account has at least 0.1 DOT which is the Existential Deposit for a Statemint account. However, if an asset is Sufficient, the Existential Deposit in DOT on the receiver account is not needed to create the account; the asset itself is sufficient. The team is requesting this property to be voted by governance.
This proposal would allow much more flexibility for holders on Polkadot Network and the stablecoin will power transactions on Polkadot’s Statemint needed for asset deployment and balance-keeping of fungible and non-fungible tokens flowing across the web of blockchains. Many in the community believe as well that a stablecoin like USDT can boost the ecosystem and support an increase of transactions, specifically on DeFi-focused chains.
Call on Statemint
Encoded call:
0x3212011f00d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d282b92a000100Call hash:
0x842d8a934c2aa86a909e0232f730d2f974bfc01e307703a07eefbad6efdb9e1d
Call on Relay Chain
Call hash:
0x5eea32679cdac9fc69d2d1ff7740104ec2bb6d412cb121505dbece9d34a239fdCall data:
0x630001000100a10f0204060202286bee39023212011f00d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d200d8e5d105e214d8c57e5819fb6d820883f44a617a78a7a6237cb9627ec73a26d282b92a000100
- Tether has registered a new token called USDT on Polkadot's Statemint platform.
- They want Polkadot governance to make USDT able to pay transaction fees without needing DOT tokens.
- There are two types of assets on Statemint: Sufficient (which can be used freely) and Non-Sufficient (which need DOT to exist).
- If USDT is approved as Sufficient, users won't have to hold DOT to create accounts.
- This change would help USDT users have more flexibility on Polkadot Network.
- The stablecoin can support various transactions and boost the ecosystem, especially for decentralized finance (DeFi).
- Tether and Polkadot both announced this proposal through their official channels.