[Proposal #60] Add native USDT to the Inter Protocol Parity Stability Module

This discussion thread is meant to evaluate a proposal to add native USDT to the Inter Protocol Parity Stability Module (PSM).

Rational:

Until recently USDT was bridged to the Cosmos Network via the Axelar or Gravity bridges.
Both USDT_axl and USDT_grv are already available on the Inter Protocol PSM.

This thread is to discuss adding the native, non-bridged version of USDT, via Kava chain, to the PSM.

The proposal is to add native USDT, not replace either or both of the bridged versions, although discussing adjusting the limits is appropriate.

Note: if the community agrees, an on-chain vote will be needed that includes the technical details, akin to what was created for adding DAI to the PSM .

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The EC discussed it this morning, and we are supportive of adding Native USDT to the PSM. We look forward to seeing what the community decides.

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In order to create the CoreEval proposal, it seems we’re still in need of an IBC relayer operator to create a channel between Kava and Agoric. (The resulting channel id determines the denom that will go into the proposal.)

If you’re someone who can help with this, please reply here or the #ibc-infrastructure discord channel !

Source: Map of Zones Agoric Peer List

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This IBC Channel is also live:

$ agd query ibc-transfer denom-trace ibc/079DAF1995A28BCD3B4E3D38948BB0FBC1CDE47939820CBAB7C02AFB88FF31A3 --node $NODE --chain-id agoric-3
denom_trace:
  base_denom: erc20/tether/usdt
  path: transfer/channel-63

Proposal Draft

I have a draft of the proposal here: GitHub - 0xpatrickdev/psm-proposals: CoreEval proposals for the Inter PSM. And will post a release after feedback from stakeholders on the parameters.

Suggested Parameters

decimalPlaces: 6
denom: "ibc/079DAF1995A28BCD3B4E3D38948BB0FBC1CDE47939820CBAB7C02AFB88FF31A3"
keyword: "USDT_kav"
proposedName: "USDT"

The denom trace (erc20/tether/usdt) indicates we should follow USDT on Ethereum, which uses six decimals.

I am suggesting USDC_kav for the keyword (issuer name). If others feel USDT or USDC_kva is more appropriate, please voice feedback!

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Decimals seem to be 6:

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I would like to propose using just USDT, for the keyword and proposedName values, as Kava USDT is native to Cosmos.
This will not prevent from evolving the use of the names in the future with appropriate work/testing, if USDT is launched natively on Agoric chain, for example.

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I am on board, appreciate the input.

Here is the final draft of the proposal:

Voting is now live on mainnet for adding USDT (Kava) to the Inter Protocol PSM: Proposal #57 | Agoric | Keplr Dashboard

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Hey everyone, the proposal I submitted unfortunately has a low severity error that should be addressed.

Please vote NO on Proposal #57 and expect to see an updated proposal in the next day or so.
Proposal #57 | Agoric | Keplr Dashboard

For more details about the issue, please check here.

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The USDT proposal has been resubmitted as #60:

Voting is now live on mainnet for adding USDT (Kava) to the Inter Protocol PSM

2 Likes