Tether's USDT, a controversial cryptocurrency, is becoming more and more popular among traders, research from Morgan Stanley finds.
Bitcoin trades paired against USDT now make up 14% of bitcoin trading volumes.
Tether skeptics have questioned whether the company actually has the US dollars in reserve that it says backs its crypto.
A controversial cryptocurrency is becoming more and more popular among traders.
Trading between Tether's USDT, a stable-coin that aims to trade at $1, is on the rise, according to new research by Morgan Stanley, the US investment bank.
Typically, bitcoin trades are paired against the most traded fiat currencies, such as the US dollar, Japanese yen, and the euro. Of course, a person can also trade between bitcoin and other cryptocurrencies.
Since the beginning of 2018, however, trades between USDT and bitcoin have become more common, Morgan Stanley found.