Audit giant PricewaterhouseCoopers (PwC) has partnered with the decentralized lending platform Cred to provide technical solutions in the latter’s bid to launch a USD-backed stablecoin, PwC announced yesterday October 8.
In a release announcing the partnership, the professional services firm said the collaboration will help bring to market a U.S. dollar-pegged cryptocurrency that will be trusted by investors.
PwC is portraying the launch as the answer for major existing issues relating to the stablecoin market, for example, straightforwardness and “substantiation,” which ward off various potential investors from the field.
With this new partnership, the audit firm said it intends to guarantee a “valuable perspective on how standards can be enhanced,” in order to give “more transparent set of reserve functions.”
The announcement further noted that:
“Many investors are looking for crypto assets that can be pegged to a stable fiat currency such as the US dollar, but these assets require a reserve ledger built for decentralized assets, that can provide 100% transparency and value substantiation.”
The company also said it will provide its customers the helpful bits of knowledge on governance, security, and risk management. PwC’s blockchain and cryptocurrency leader Grainne McNamara commented that the new stablecoin is an endeavor to give another push to the improvement of a “quickly developing asset class” at an “increased level of comfort.”
Just last month, U.S. investor Andreessen Horowitz put down $15 million in blockchain startup MakerDAO (MKR), the firm that supports USD-pegged stablecoin (DAI).
This followed a similar gesture from the Winklevoss twins, the founders of crypto trading platform Gemini, who recently got the go-ahead from New York regulators to launch their very own USD-backed stablecoin.
Cointelegraph recently reported that some of biggest professional service firms in the US including PwC are considering long term involvement in the crypto and blockchain industry. Analysts believe that such involvement will help reinvigorate a sector that continues to receive sustained criticism from the traditional banking and finance industry.