Morgan Stanley's Research Focus, "Tether (USDT) Getting Increasing Share of BTC Trading Volume"

Morgan Stanley has recently published a research paper on Bitcoin "Bitcoin Decrypted: A Brief Teach-In and Implications,"

In that experts believes that Stable coins are getting more traction as almost over half of BTC trading is now against USDT, a controversial token backed by US dollar & operated by Tether. The situation is infuriated by the fact that fiat currencies are not accepted by many cryptocurrency exchanges. Bank reports mentioned this;

"USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling. This occurred because many exchanges only trade crypto->crypto and not crypto->fiat. Trading crypto->fiat requires going through the banking sector which charges a higher fee. Also as bitcoin prices fell, so did almost all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the U.S. dollar."

More startups are now developing their own stablecoins that are linked with fiat currencies.