“Big four” audit giant PricewaterhouseCoopers (PwC) has partnered with decentralized lending platform Cred to provide tech expertise in the launch of their USD-backed stablecoin, the company announced on Monday, October 8.
In the announcement, the professional services firm claimed that the new partnership is designed in order to boost the current market of U.S. dollar-pegged cryptocurrencies by bringing more trust to investors.
PwC is touting their service as a solution to major existing problems associated with the stablecoin market, such as transparency and “substantiation,” which keep a number of investors away from the field.
With the partnership, the audit firm notes it plans to ensure a “valuable perspective on how standards can be enhanced,” in order to provide “more transparent set of reserve functions.” The statement adds:
“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 stated that it will provide clients with useful insights on governance, security, and risk management. PwC’s U.S. blockchain and cryptocurrency leader Grainne McNamara commented that the new stablecoin is an attempt to give another push to the development of a “quickly developing asset class” at an “increased level of comfort.”
In late September, U.S. venture capital fund Andreessen Horowitz invested $15 million in blockchain startup MakerDAO (MKR), the firm that backs USD-pegged stablecoin Dai (DAI).
And earlier in September, the Winklevoss twins, founders of crypto trading platform Gemini, acquired permission from New York regulators to launch their own USD-backed stablecoin. Subsequently, security researchers pointed out a feature of the recently launched Gemini dollar (GUSD) that allows custodian to completely change any transaction within GUSD network every 48 hours.