A New Report From JPMorgan Shows Just How Big Tether Has Become

There’s probably no coin in the crypto world that’s more scrutinized than Tether.

It’s a so-called stablecoin, which trades on a public blockchain and has maintained a 1-to-1 peg against the dollar, based on assets that the company holds in reserves. You can think of it as a little bit like a money-market fund meets bearer asset. Earlier this week it published a chart of the composition of its holdings, showing the majority of its assets to be in cash and cash equivalents, the bulk of which is commercial paper.