Gus – Cryptocurrency Expert
Tether (USDT) can now be used to pay transaction fees on the Kusama ecosystem, after the formal execution of the Kusama proposal 197 referendum. After USDT was registered on Statemine, a parachain based on Polkadot's Kusama network, this became feasible. USDT may now exist on Kusama accounts without the need of Kusama's KSM token.
Furthermore, using USDT on Kusama allows you additional flexibility in the transaction procedure. According to Polkassembly's website, the stablecoin will be used to power transactions on Kusama's Statemine parachain, which will be used to deploy assets and maintain track of fungible and non-fungible token balances.
According to the website, assets on Statemine might be adequate or insufficient. The Statemine account must exist on-chain in order to store a non-sufficient asset. The receiver account, on the other hand, must hold at least 3.33 microKSM, which is the Statemine account's Existential Deposit.
"If an asset is Sufficient, no Existential Deposit in KSM on the receiver account is required to open the account; the asset is sufficient in and of itself." The team (USDT) is seeking that governance vote on this property."
As indicated in the blog, many members in the Kusama network feel that a stablecoin would be beneficial. USDT can help the DeFi ecosystem grow and facilitate more transactions, particularly on DeFi-focused chains.
USDT is also working on Ethereum, Algorand, TRON, EOS, Omni, and Solana, among other blockchain networks. Tether USDT was deployed on the Kusama and Polkadot networks last month. Tether CTO Paolo Ardoino has also stated that Tether would deploy on these networks once Statemint (a Polkadot parachain) is accessible.
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