October 4, 2022
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Binance is known to be one of the famous cryptocurrency exchanges known around the world. Binance USD comes as the stablecoin that is native to this exchange. Both hold value for their holders. The latter crypto has been in the existence in the crypto market now and has proven its worth to investors. As it is obvious that to keep one’s crypto safe, there is a need for a crypto wallet. Since our topic is based on Binance USD, then we discuss the top crypto wallets that are supportive of BEP-20 tokens like BUSD. Hence, in this article, we are going to list the best BUSD wallets of 2022. But before we begin with our listings, let us have a brief overview of BUSD.

BUSD or Binance USD: What brings its need?

BUSD can be explained as a stablecoin whose foundation was laid by Binance and Paxos. It is one of the stablecoins that agrees to the strict regulatory standards of NYDFS (New York State Department of Financial Services). There are around 36 exchanges and 20 + crypto wallets that underpin BUSD, making it one of the trusted stablecoins. 

These are the new breed of cryptocurrencies that have become the likes of investors as well as traders. Some of the stablecoins providing monthly audits are Binance USD. This makes it a highly regulated asset. Other than Tether and USD Coin, Binance USD also joins them in having the equivalent value of 1 US dollar. 

Top 3 crypto wallets to store BUSD

Let us mention some of the best wallets to buy BUSD below now

MetaMask wallet

MetaMask wallet is one of the best wallets to store BUSD. It can be accessed with browser extensions like Brave, Firefox, and Chrome. Even though it comes as an Ethereum wallet, still, it can be used with the Binance Smart Chain platform. The one big disadvantage with MetaMask wallet is not having the option of resetting the password. 

MathWallet

Coming next is MathWallet. It is also a reliable and secured cryptocurrency wallet to store BUSD. It can be accessed by over 1 million users. You can use MathWallet on a web-based extension or can also prefer a mobile application that is supportive of around 50 blockchains. When it comes to security then this BUSD wallet comes with the provision of 2FA, mnemonic phrases, and private keys. 

Binance Chain wallet

The Binance Chain Wallet comes as the next best option to store Binance USD coins. As the name suggests, it is the official crypto wallet for Binance Chain and Ethereum, which makes it a suitable pick. Binance Chain wallet guarantees safety to its users and at the same time can be linked with other blockchain projects. 

What is the use of Binance USD?

The foundation of the BUSD stablecoin was done by Binance and Paxos with the motive of creating a cryptocurrency supported by USD or US dollar. One main feature of BUSD is that one unit is equivalent to 1 USD. The amount of US dollars held by Paxos is equivalent to the total supply of BUSD. This means there will be direct fluctuation in the price of the latter stablecoin with the USD price. 

A monthly audited report of reserves following strict regulatory standards is given by Binance USD to confirm the safety of the assets of the users. Its stability with the USD makes it possible in empowering crypto users and traders with the potential to do transactions with other blockchain and digital assets, lessening the volatility risk. 

If you have been familiar with the new digital money world, then you must be well aware of its nature, and so crypto holders would certainly notice the uncertain changes in the value of their portfolio. But using stablecoins like BUSD will surely help as a hedge against market volatility. 

Because of its natural properties as a stablecoin, the Binance USD coin has the efficiency and potential to lead the crypto industry. Ever since its beginning in 2019, the performance of this stablecoin has been stupendous. Now it has a market cap of $19,418,229,352.

What makes BUSD so popular in the crypto space?

With the huge rise in the adoption of the Binance USD coin, last year followed by price explosions of BTC and altcoins, the Binance native and utility token got acceptance at unparalleled rates with its being trustworthy. Just like NFTs and DeFi have garnered massive popularity, the same has been the case with BUSD. 

Witnessing its rising fame in the crypto space, it is now being held by 1 million people. This gives a clear indication of the trust they have for this stablecoin and is being preferred for their decentralized finance activities. Binance USD also performs as a joining link between Defi and traditional finance. 

Ending note

If you want to know more about crypto wallets to store any cryptocurrency other than Binance USD Coin or BUSD, then flock to the leading crypto website Cryptoknowmics which covers a myriad of topics. 

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