Polkadot-JS UI: How to Transfer Tether (USDT) on Asset Hub Print
Modified on: Tue, 29 Aug, 2023 at 10:57 AM
Tether (USDT) is now available on both Polkadot Asset Hub and Kusama Asset Hub, former Statemint and Statemine, respectively. You can check their official announcements for Polkadot and Kusama.
⚠️ ATTENTION
Tether, the entity behind USDT, has announced the discontinuation of USDT on the Kusama network (though it'll still be available on Polkadot).
It's recommended that you redeem your USDT from Kusama Asset Hub (formerly Statemine) by sending them to a compatible exchange (like Bitfinex) before the specified deadline mentioned in Tether's official announcement.
USDT was made into a sufficient asset on Kusama Asset Hub with Referendum 197 and on Polkadot Asset Hub with Referendum 80, which means that the receiver account doesn't need to hold an existential deposit in the native token (DOT or KSM) to receive USDT.
However, an account still needs to hold at least the minimum USDT balance, which is 0.7 USDT on Polkadot Asset Hub and 0.001 USDT on Kusama Asset Hub.
Also, when using Polkadot-JS UI, the native token is used to pay for transaction fees, even for sufficient assets.
⛔️ READ THIS FIRST!
Anyone can create an asset on Asset Hub, with any name and symbol. Therefore it is important to make sure you are transferring the official asset, which you can determine by looking at the unique asset ID.
For Tether, this ID is 1984 on both chains.
For more information on how to verify the legitimacy of an asset and these two system parachains, you can read this article.
How to transfer USDT
ℹ️ INFO
These instructions use Kusama Asset Hub (former Statemine) as an example, but the same process applies for USDT on Polkadot Asset Hub, as well as any other asset on both chains.
1. First, switch to the "AssetHub" from the Kusama Relay Chain.
2. Next, navigate to the "Network" > "Assets" page and click on the "Balances" tab. Select the correct asset ID from the drop-down menu.
3. Click the "Send" button. Then enter the receiver address and the amount to transfer.
4. Sign and submit the transaction, and that's it!
ℹ️ GOOD TO KNOW
Remember that the assets will show up in the recipient's account on Asset Hub, not on the Relay Chain.
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