PwC partners with Cred to launch dollar-backed stablecoin

October 09, 2018
Chris Wheal

PwC, one of the so-called “big four” audit and business advisory firms, is offering its expertise on the launch of a new dollar-backed stablecoin.

PwC backing new cryptocurrency stablecoin project

Crypto enthusiasts are welcoming the move as a further sign of institutional acceptance of digital assets, driving hopes that further investment will bring greater liquidity and stability to the market, enabling greater use of cryptocurrencies in payment systems.

Transparency and value

PwC is partnering with Cred, a lending start-up that’s developing a new dollar-pegged stablecoin, to offer advice and accounting expertise to help provide the coin with “100% transparency and value substantiation”.

Cred was founded by former PayPal technicians Dan Schatt and Lu Hua and expects to offer open access to cross-border crypto-based credit options.

The company currently has offices in Munich, San Francisco, Shanghai, Singapore and Sydney and has already launched a blockchain-based lending platform that has successfully secured more than $250m in credit for its clients.

Institutional commitment

Schatt, who also acts as president of Cred, 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:

“This is that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries.”

PwC said it would work with Cred to help the market move toward enhanced standards to build trust in cryptocurrencies and usher in the next 100 million users of crypto assets.

“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain,” said Grainne McNamara, US blockchain and cryptocurrency leader at PwC.

The big four

While PwC may be the first of the big four to officially back the development of a cryptocurrency, rival and biggest of the big four Deloitte has set up a blockchain laboratory in Dublin.

EY, formerly Ernst & Young, has a Global Innovation Blockchain Leader unit, while KPMG has also announced several blockchain initiatives.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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