An announcement by PwC on Monday said it will partner Cred, a decentralized lending startup which is in the process of developing a new stablecoin pegged to the dollar.
The accounting firm will lend its expertise to Cred’s stablecoin so that it “can provide 100% transparency and value substantiation,” PwC mentioned in a statement.
U.S. Blockchain and Cryptocurrency Leader at PwC, Grainne McNamara said,
We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.
This is not the first time PwC has ventured into the stablecoin bandwagon. Established players like tech giant IBM and venture capitalist Andreessen Horowitz have also extended their support to various stablecoins in recent times.
The Universal Protocol (UP) Alliance, which serves as a major platform for the creation, management, and distribution of stablecoins, has Cred as its founding member. UP also works towards strengthening the adoption rate by introducing new safeguards that make cryptocurrencies practical and more convenient.
Expressing his opinion on the partnership, Cred co-founder and President Dan Schatt said, “PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries.”
“This will help the ecosystem evaluate key considerations as standards are enhanced relative to the creation and management of stablecoins and universal digital assets that support mass adoption of crypto assets,” Schatt added.
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A social media geek, Chandrakana Ray loves to track every buzz around the ever volatile cryptocurrency market, swinging moods of the crypto titans and unearths more about blockchain technology to make it a pleasant read for crypto enthusiasts. As a Business Correspondent with Cryptodawn, her writings zero in on every development of cryptocoins with an aim to give the most of it. A gourmet, she delves into myriad culinary to satiate her gastronomic urge.