How to Transfer Tether (USDT) on Statemint or Statemine Print
Modified on: Mon, 1 May, 2023 at 4:22 PM
Tether (USDT) is now available on both Statemint and Statemine. You can check their official announcements for Polkadot and Kusama.
USDT was made into a sufficient asset on Statemine with Referendum 197 and on Statemint 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 Statemint and 0.001 USDT on Statemine.
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 Statemine or Statemint, 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 Statemine as an example, but the same process applies for USDT on Statemint, as well as any other asset on both chains.
1. First, switch to the Statemine network.
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 Statemine or Statemint, not on the relay chain.
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