BUSD or USDT? Which stablecoin is safer?

[irsada]

I feel that busd is more convenient for me to use personally, busd is always audited by a third party company every month to ensure that 1 busd is equal to 1 dollar. although usdt is also a good stable coin so far but there are many rumors that its validity is unbelievable.

[Bttzed03]

~
but I'm afraid that Binance has so huge influence on the market that if it makes mistake, BUSD may get fucked.

Using the same logic, USDT may get screwed if Tether makes an even bigger mistake than what already happened to them. It's the same case with the issuers of USDC (Circle) or any other centralized stable coin.

USDT seems to be the safest, am I right? What are the possibilities that USDT may end up like TerraUSD?

When we're talking about the peg to $1, it probably won't lose like UST but the same can be said with BUSD and USDC. All mentioned stable coins have asset backings that are periodically reviewed and reported.


Why ask by the way? Are you planning to convert your asset to either BUSD or USDT in this bear market? If that's your plan, consider staking them on platforms like mycointainer.com You'll have a nice 10% annual return while your token is on long-term storage. As always, DYOR.

[tvplus006]

but the DAI itself backed by crypto stablecoin like usdt and USDC as far that I know

https://cdn.decrypt.co/resize/950/wp-content/uploads/2022/05/unnamed-7.png.webp

Based on the graph you have given, I do not see that DAI is backed by the USDT stablecoin. In addition, there is a big difference between USDC, which you are writing about, and BUSD and USDT, the first of which is more preferable to maintain your balance. In addition, each of the DAI security coins, including the USDC, exceeds the level of security by more than 150%.

[minairia3]

Why ask by the way? Are you planning to convert your asset to either BUSD or USDT in this bear market? If that's your plan, consider staking them on platforms like mycointainer.com You'll have a nice 10% annual return while your token is on long-term storage. As always, DYOR.

Holding assets in stablecoins already brings some risk to our assets and it would be even more dangerous to place it on centralized lending platforms. We've seen a bunch of lending platforms crash in a short amount of time, so I don't think this is the right time to stake.
Staking is not bad but it is better to limit at the moment.

[Pelana vreo]

Which stablecoin do you suggest for crypto/usd trading?

For now I think BUSD is safe, however everything is unpredictable, because the Binance platform was hacked once, it is possible that in the future the stable coin price will not equal the usd for some reason, but for now I think it is safe if BUSD has dollars reserve is 1:1

[Jackl87]

At the moment I think that BUSD and USDT are the safest stablecoin pairs for regular cryptocurrency trading but I'm afraid that Binance has so huge influence on the market that if it makes mistake, BUSD may get fucked.
USDT seems to be the safest, am I right? What are the possibilities that USDT may end up like TerraUSD?
Which stablecoin do you suggest for crypto/usd trading?

I also think that the two stablecoins that you have mentioned, USDT and BUSD should be pretty safe. There are huge companies behind them which should have enough resources to back the stablecoins that they are minting. I know that there have been rumors regarding USDT for a few years now that we can not be 100% sure anymore if they are really having enough resources to back every USDT that they are minting because they changed the wording regarding that topic a while ago, but recently i have read that the company behind USDT got audited a few times and that everything was fine.
My personal favorite of all stablecoins is USDC though. Even during the bear market of the last months it was always at 1 $.

[raidarksword]

Both of them are safe, nothing to be feared about what happened to TUSD though it's very traumatic that stable coin now are not safe because of the downfall of one of the stable coin in the market. Nonetheless, BUSD and USDT both pegged to dollars and they already proven many years that they are really a stable coin after all with so many years in the crypto market.

[fuguebtc]

There is no safe concept for stablecoins as they are all centralized, but their use is essential. If you are using binance exchange then busd will be the choice for you as it is binance product. USDT is known to be the first stablecoin in the market and is supported by most exchanges so it is very convenient to use USDT. The difference in these 2 coins is not too big, you can use whatever token you want, but use them only when necessary and are not considered safe savings.

[wallet4bitcoin]

I prefer USDC, USDT, DAI. These stable coins have good marketcap, high volume and tradeable on almost all exchanges. Personally maximum time I hold USDT due to abnormal market conditions.

Binance BUSD is also good. Binance is the leading cryptocurrency exchange and always has the advantage of using BUSD on Binance. You can participate in Binance Launchpad, Launchpool by holding BUSD.

[bitkanu]

I think we can't compare UST which has nature of being algorithmic with other coin like BUSD that's backed by real money, BUSD and similar coin definitely harder to crash since they are backed for real meanwhile the algorithmic nature of UST makes it a lot more complicated and could cause crash.
from the choice you were given, I think BUSD is better than the other because it's backed by big company like binance and is audited if i remember correctly.

[Silberman]

TerraUSD is a stablecoin that previously had a value of "1 USTC = $1". At the moment it worths $0.03
Crypto market is very unpredictable and dangerous, every company is chasing power and influence on the market but the problem is that if any of them make mistake, their product and the assets of millions of people fail.

At the moment I think that BUSD and USDT are the safest stablecoin pairs for regular cryptocurrency trading but I'm afraid that Binance has so huge influence on the market that if it makes mistake, BUSD may get fucked.
USDT seems to be the safest, am I right? What are the possibilities that USDT may end up like TerraUSD?

Which stablecoin do you suggest for crypto/usd trading?

If you have to hold some fiat then why not do it directly? I mean stable coins provide an important function to the market, but if you are not a short term trader and instead you are an investor then I do not see the point of using stable coins when you can use fiat directly to stay away from the market when it is going down or the volatility is too high for you, but if you do not really have any other option then for the moment I think USDT is the best out of the two.

[bussybuddy]

(...)USDT seems to be the safest, am I right? What are the possibilities that USDT may end up like TerraUSD?

Which stablecoin do you suggest for crypto/usd trading?

I don't have a lot of damage with Terra, so I have a pretty simple idea of what they are: dangerous things that give out attractive offers. And here when talking about BUSD or USDT, I think it is in a completely different position and the companies that support it are also a part of this market, not a newcomer. And besides, I also regularly trade USDC and DAI stablecoins that I fully trust and hold.

[antsam]

Currently there are 3 very good stable coins, they are BUSD, USDT and USDC. I think all three are very good, they have very strong fundamental support, but when asked between BUSD and USDT, I see that BUSD is still the best, because BINANCE's very dominant support is its strength.

[Bttzed03]

Why ask by the way? Are you planning to convert your asset to either BUSD or USDT in this bear market? If that's your plan, consider staking them on platforms like mycointainer.com You'll have a nice 10% annual return while your token is on long-term storage. As always, DYOR.

Holding assets in stablecoins already brings some risk to our assets and it would be even more dangerous to place it on centralized lending platforms. We've seen a bunch of lending platforms crash in a short amount of time, so I don't think this is the right time to stake.
Staking is not bad but it is better to limit at the moment.

I get your point. Using stable coins is not without risk. Currency devaluation like what happened to UST is always there and it also applies to fiat currency (Bolivar). If staking in a completely centralized manner is not an option at the moment, there are also other methods like mycointainer's cold staking that's available. They don't offer USDT/BUSD for that but you can delegate other coins like AVAX and MATIC. You can also try adding to the liquidity pool (farming) on some decent DEX that still have stable coin pairings.

[cryptoaddictchie]

Which stablecoin do you suggest for crypto/usd trading?

For trading its always best to use usdt for more volume. But if you are using Binance platform for trading then, I suggest you used busd. They also have pairing with considerable volume plus you dont have to pay trading fee which is quite convenient in my opinion. In terms of safety then go for busd much better in terms of backing  compared to usdt.

[ethereumhunter]

I guess, both will be safe but that will depend on your purposes because if you want to hold your funds and do not want to see the up and down of the price, both stablecoin will be good to have. But if you only use stablecoins for temporary saving your funds value, and will use the stablecoins for buying the altcoin or bitcoin, that will be no problem at all. But I do not think that USDT will be like UST although that could possible and both USDT and BUSD is good for trade.

[Xxmodded]

Nowadays I use active trade with pair BUSD except without fees transaction on Binance I prefer for believing with BUSD than USDT, I don't know what exactly reason have to choose with BUSD because every profit earn covert to cash money and withdraw it. Not hold between BUSD and USDT for long term after looking crash price what happen with other stable coin UST. But between BUSD and USDT looks worth with BUSD because back up by Binance exchange and looks trusted than USDT, I don't judge with USDT is not worth but looking with product have by BUSD make us more priority for saving and choose BUSD than USDT.

[mindrust]

USDT is definitely crap. BUSD is probably equally shit but maybe a little bit less. In the end it all comes down to "cat shit" vs "dog shit". Stable coins are all shit. The only thing changes with them is their color.

All of these stable coins are not audited and that means the issuer can freely print whatever amount he wants.

Safety? This feature don't come with these products.

[Paul Pogba]

I think USDT is better and more stable than BUSD, moreover the choice of many networks such as TRX, ETH, and others makes me prefer USDT, when there are high price fluctuations I will not send stable coins because usually there are very high transaction fees.

[Synchronice]

I'm afraid that Binance has so huge influence on the market that if it makes mistake, BUSD may get fucked.

BUSD belongs to Binance. So all these tokens are owned by exchanges, and if something happens to them, these stablecoins could crash.

This is wrong.

Binance does not "own" BUSD. The stablecoin is administrated by Paxos (paxos.com), whichs offers whitelabel services so other exchanges or companies (like Binance with the BUSD, or Huobi with the HUSD) can have their branded stablecoin: https://paxos.com/stablecoin-and-payments

If Binance or Huobi breaks, BUSD and HUSD will be fine.

Thank you very much for enlightening me, I really didn't know that.