What is the difference between BUSD & USDT?

BUSD and USDT are stablecoins pegged to a fiat currency like the US dollar at a 1:1 ratio. USDT has higher trading volumes but isn’t totally backed by cash reserves and has found itself tangled in reputation issues. In comparison, BUSD has undergone more extensive auditing processes and works on many different blockchains.

What is BUSD & how does it work?

BUSD is also fiat-backed, regulated, has the same worth as one USD and can be redeemed 1:1 for cash. BUSD currently lives on Ethereum in addition to BNB Chain. As such, BUSD holders may exchange stablecoins inter-blockchain, allowing for greater flexibility and potential cost savings in transfers.

What is the difference between USDC & USDT?

One key difference is the blockchains on which these stablecoins are available. For instance, BUSD remains limited to Ethereum and BNB Chain, whereas USDC and USDT have become more multichain, covering networks such as Solana, Algorand, Avalanche, and more.

What is Binance USD (BUSD) & how does it work?

Moreover, Binance USD exists on BNB Chain and Ethereum. Therefore, BUSD holders can exchange stablecoins between these blockchains per their requirements. BUSD also has monthly attestations to prove that they have an equivalent amount of USD backing their USDC to reassure investors.