Which is safer, USDT or Binance USD?

[elyas772]

The difference may only be the transparency of the backup. I think BUSD has been more transparent, but time will tell.

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[Zotak337]

I'm going to deposit some money into Binance Lending, i find BUSD's interest rate is 1% higher than USDT. Which one is better?

The both have same usefulness and they are both centralized stable coins, the choice is yours to make here my friend, I use USDT but BUSD is not bad either, I trust binance USD more because of the exchange reputation

[XCANA]

I'm going to deposit some money into Binance Lending, i find BUSD's interest rate is 1% higher than USDT. Which one is better?

Personally, I will go for the binance USD because of their reputation when talk about cryptocurrency exchanges. Although, for higher liquidity I did go for the USDT. Though the rate are different from each other but would surely be on the side of the USD. In addition to this, tether has no reputation because many are still on the opinion if it be fishing around the world of cryptocurrency. Always stick to the best with good reputation.

[mt55]

Its more out of convenience. Some people prefer dealing with PAX treasury. Maybe they have their fiances set up there— so they are able to purchase large amounts of BUSD. And subsequently might use that as Collatoral in trading Binance Futures.

Others have their finances set up with USDT. BUSD trading is really just out of convenience. It’s an option. There is no real benefit to it. It’s just an option to people who prefer to buy large sums of BUSD (or PAX) instead of USDT

[omone1]

I use USDT across exchanges, because BUSD may not be in my trading exchange. I use BUSD on Binance majorly for my local currency conversion  and for beating multiple fees.

[LbtalkL]

We all know that USDT is suspicious, I prefer BUSD since it is manage by binance. Binance has build up their reputation for several years and they trying new services for the crypto community and they are really contributing a lot. But we can't deny USDT is the most used stablecoin I guess because it is the first on it's kind. If BUSD has higher interest choose BUSD.

[sheenshane]

We all know that USDT is suspicious, I prefer BUSD since it is manage by binance. Binance has build up their reputation for several years and they trying new services for the crypto community and they are really contributing a lot. But we can't deny USDT is the most used stablecoin I guess because it is the first on it's kind. If BUSD has higher interest choose BUSD.

That's it and since OP using the Binance exchange platform why not using this stable coin. As I'm heard, this BUSD is fully back by the US dollar with the ration of 1:1 basis and held on the US Bank that was owned by one of the partnered by Binance. So, I prefer to use BUSD at this time.

But this' is not the problem at all because you aren't maybe have a plan to store this coins for term purpose. Besides, you cant use this BUSDT on other exchanges only in Binance.

[carter34]

Tether is  secured because you may decide to bring it to your wallet anytime. And reconvert back to Fiat. Any coin that you can also have in your wallet has a better security incase the exchange is falling to scam.

[coupable]

Tether is  secured because you may decide to bring it to your wallet anytime. And reconvert back to Fiat. Any coin that you can also have in your wallet has a better security incase the exchange is falling to scam.

The problem with Tether is we can't be sure that it's really backed by usd reserve. Bitfinex, which is the platform where usdt were firstly created, claimed that the coin has an equivalent reserve of usd. But, we still can't understand how more supply is created from time to time.

[bitkanu]

The difference may only be the transparency of the backup. I think BUSD has been more transparent, but time will tell.

Both are not so transparent and I guess there was no a statement from both of projects were telling us about how much owned by them to backed the stable coin that already issued by them all. There was a lot of questions that are not yet answered

[havoc928]

The difference may only be the transparency of the backup. I think BUSD has been more transparent, but time will tell.

Both are not so transparent and I guess there was no a statement from both of projects were telling us about how much owned by them to backed the stable coin that already issued by them all. There was a lot of questions that are not yet answered

It's true! There is no certain information about both of those "fiat-backed stable coins". We know nothing about those coins except their reputation in the market. For me, in the normal market condition, both are safe enough to use. However, in the critical condition, I'm not sure which one is safer. Personally, I use USDT as a habit so I just stick with it for now.

[mersal]

Lending crypto currencies is itself not safer so don't choose any coin for it.Maybe we can say exchange reputation matter but do they really give enough interest rate to get some good returns?

You also have to add the inflation rate which is approximately 3% for USD per year and keep increasing every year.So better trade with coin than looking for passive income.

[Husires]

Stable crypto are all dangerous, if the option goes for my share, I will choose MakerDAO.
Tether (USDT) and USD COIN, TRUE USD, AND BUSD (Binance usd) can be frozen/reclaim and they can prevent me from sending and ask for my files they will be of no value.
This chart shows these possibilities and whether these backed by dollar or not.

Tether not 100% Backed: They add more about backed by to the site, instead of being pegged to the dollar. Its value is equal to always 100% backed by our reserves, meaning that the price can fluctuate and differ from the dollar.

Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.

it is since 2019, they printed millions of cash after them. So 1 USDT is always equivalent to 1 USD and they have not 1 USD to pay to you.

From time to time, Tether reviews its Terms of Service and Risk Disclosures to ensure that they remain appropriate and up to date. Our most recent revisions were intended to update our disclosures to reflect Tether’s growth and operations and to be consistent with the types of disclosures used by other institutions

BUSD: available at Hitbtc, Binance, Paxous. They are supported from the platform, so if they get hacked, you will lose your money.
It has no value because it is like the banknotes of a country like Sweden or Japan when we compare it to the US dollar.

Highly regulated 1:1 USD-backed crypto stablecoin
These are digitised US Dollars and are always purchased and redeemed at 1 BUSD for 1 US dollar.

Backed my USD-backed crypto stablecoin.

I will choose DAI and Tether

[joseyphil82]

DAI is decentralized meaning it can't be controlled, it will be my first choice but still I use USDT most times, I would love to use DAI but listed exchanges are limited, not even listed on top exchanges, I don't plan on holding USDT for long term, I will definitely sell for Fiat when I can

[Tipstar]

USDT has accusation of not holding the amount of fiat they are issuing so, it would not the one I suggest. BUSD is also totally depended on Binance but as you have already decided to invest on Binance lending, BUSD is the better option. Just to let you know services like NEXO 10% on savings on many stablecoins and youhodler provides 12% on term depsoit. They also accept other popular stablecoin like paxos and USDC.

[rz20]

I'm going to deposit some money into Binance Lending, i find BUSD's interest rate is 1% higher than USDT. Which one is better?

I use both of them but for lending on Binance, I always use BUSD because firstly as you said they have a higher interest rate and secondly BUSD is the stable coin from Binance so nothing can go wrong with it IMO.

[torrantz]

If you keep using binance's exchange service then it'll be better to use Binance USD but otherwise use USDT, however none of these stablecoins are really safe and all the safety and security is on your own so being alerted is heavily advised although these stablecoins could be considered reliableb seeing how they hold on for many years especially usdt. I personally uses USDT simply because it's already accepted everywhere.

[Mighty_crypt]

I was asking myself the same question for a while but ended up just doing 70% Tether cuz I feel is a bit safer and 30% BUSD for the extra interest.

So for you USDT is safer than BUSD? I don't know which stablecoin to trust honestly, these two are both centralized stable coins but still I prefer using USDT because it's available on many exchanges, as a part time trader it's more easy for me to use USDT

[olamidey]

Somehow, I really do not see any problem with both as they're very safe. While Tether is on most exchanges, BUSD is for Human e exchange. We all know that Binance is the biggest exchange and the most reputable. So if you're trading on Binance, you might as well as e some BUSD there.

You could also do some 70 - 30%  on both ways so you still get the addition 1% interest. It's all about trading and making good gains.

The coins - BUSD and Tether have a good value and doesn't fall.

[Distinctin]

USDT of course due to its high liquidity, but I'm not saying BUSD is not safe, it's also a safe coin since it's back by Binance which is a reputable exchange.
If you don't transact a lot of money, I think you can choose any of the two, they won't be gone anytime soon as they are enjoying the demand on them.