Notable among the list of stablecoins today are Binance USD (BUSD) and Tether (USDT). Stablecoins are without the volatility of other cryptocurrencies and have stable prices as their name entails.
Stablecoins are priorities for crypto traders/investors since they offer fast processing, increased privacy and security, which comes with cryptocurrencies, and price stability. Stablecoin plays an important role in transactions, payments and settlement, and Decentralised Finance (DeFi)
Most of these Stablecoins are pegged to the USD. The different stablecoins however function on the different blockchains and facilitate access to various crypto asses.
In this post, we’ll look at which to buy among two of the top stablecoins, i.e. BUSD and USDT. Before then, let’s learn about these crypto coins.
What is BUSD?
Binance USD (BUSD) is a 1:1 USD-backed stable coin issued by Binance, one of the leading cryptocurrency exchanges in the world. It is a digital fiat currency, issued as ERC-20 and supports BEP-2.
BUSD plays an important role in transactions, payments, and settlement. You can transfer your digital dollars (BUSD) anywhere in minutes, with low cost and on the blockchain.
Other things you can do with BUSD include trading on different exchanges and DEX, payment for goods & services, etc.
BUSD
What is USDT?
Tether is a blockchain-based cryptocurrency that is backed by the U.S dollar. USDT is the trading symbol for Tether tokens.
It is the most popular form of altcoins called ”Stablecoins” due to the fact that its value is pegged to the U.S dollar. In simple terms, a U.S Tether token is $1 all time.
USDT like every other stablecoins is protected from price fluctuation of cryptocurrencies. This property makes USDT a safe haven for crypto investors.
Investors can park their portfolios in Tether without having to completely cash out into USD during the period of high volatility.
USDT also provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain. This is without a third-party like banks and other financial institutions.
USDT
What is BUSD Worth in the Crypto Market Today?
Prices of cryptocurrencies are known to drop and rise while different cryptocurrency take up positions on the crypto ladder. As for BUSD, it is considered as one of the top Stablecoins to hold.
As at the time of this writing, BUSD is ranked 11th among thousands of cryptocurrencies. It is currently 4th in the list of Stablecoins (comes after USDT, USDC and Terra USD).
As expected, the live price of BUSD is $1.00 USD with a 24-hour trading volume of $3,677,068,219 USD. It has a live market cap of $17,774,163,298 USD. It also has a circulating supply of 17,756,377,612 BUSD coins.
Binance USD is available for purchase on Binance, CoinTiger, ByBit and other top crypto exchanges in the world.
What is USDT Worth in the Crypto Market Today?
Tether (USDT) is among the top cryptocurrency top and the most popular of all Stablecoins. USDT is ranked 3rd in the list of cryptocurrencies, only behind Bitcoin and Ethereum. It is the number one ranked Stablecoins in the crypto market.
As a stablecoin, the price of USDT is always $1 and is not expected to change. USDT has a 24-hour trading volume of $62,491,739,483 USD.
It has a live market capitalization of $83,159,737,638 USD. It also has a circulating supply of 83,152,877,108 USDT coins.
Tether (USDT) is available in most of the crypto exchanges worldwide. You can also purchase USDT on major P2P trading platforms around the globe.
Which To Buy Between BUSD & USDT?
Stablecoins are known to be pegged to the USD and serve the same functions. They are however different in that they function on different blockchains and facilitate access to various crypto assets.
Binance USD (BUSD) and Tether (USDT) are also different for this obvious reasons. BUSD is known to have higher transparency when compared with USDT. Critics have raised a few concerns on Tether’s transparency for sometime, since it was a bit ambiguous as to what USDT is backed.
Despite the controversy around the USDT, Tether guarantees that the USDT is completely backed. The company has been in repeated spats over its business practices, but most in crypto accept that Tether is, in a way, “too big too fail.”
USDT is no doubt one of the biggest cryptocurrencies on exchanges. In fact, USDT’s average daily trading volume is often on par or even exceeds that of Bitcoin.
Where To Buy USDT in Nigeria
Peer-to-peer platforms has being an option for Nigerians to trade cryptocurrency since the order given by CBN to stop crypto activities in financial institutions.
One of the best P2P platforms in Nigeria based on ease of transaction, good market rates and security is Prestmit. The company trades digital currencies as well as gift cards.
You can trade USDT among other cryptocurrencies like Bitcoin, Dogecoin and Litecoin on this platform. If you are in Nigeria or Ghana, you can have access to USDT and change to the Nigerian Naira or Ghanaian Cedis.
You can begin this awesome journey with Prestmit by downloading its app. Click here to download Prestmit App. With this, users are closer to the platform, and can carry out transactions easier than ever.
How To Sell USDT in Nigeria
The drop in the value of the Naira makes it financially smart to sell your Tether in Nigeria. Therefore, you can sell your USDT for Naira by using Prestmit. After downloading its app, it is very smooth and easy to get your transactions done.
First, you would have to create an account on the platform for you to be able to log in. Once you create an account you will be given a free USDT wallet.
When you send the amount of USDT you want to change to your wallet, wait for 3 confirmations. After the confirmation, you can now withdraw your money in Naira.
Also Read– USDT vs USD- What is the Difference?
Conclusion
BUSD and USDT are among the top Stablecoins that are pegged to the USD today. Although they serve same functions, they are different as they function on different blockchains.
BUSD is more transparent than USDT because many questions have being raised about the later. However, if you are investing in cryptocurrency for higher volume or liquidity, USDT should be your pick.
