PwC To Study Best Practices For Stablecoin Issuance
The Hong Kong branch of PricewaterhouseCoopers (PwC), a consulting corporation, is studying the best practices for stablecoin issuance in cooperation with the non-profit organization Loopring Foundation, CoinDesk reports.
The PwC division in Hong Kong followed the example of its colleagues from the US, who, together with Cred, a decentralized credit platform, announced the development of new standards for stablecoins pegged to the dollar.
Stablecoins have recently become the focus of attention of many companies, not only in the crypto sphere. A similar token was issued by the Winklevosses’ Gemini exchange, and the startup Circle placed its USDC stablecoin on the Coinbase trading platform. Even corporations such as IBM are paying attention to this market.
Besides, the heightened interest in stable tokens coincided with something of a minor crisis associated with Tether, the issuer of the most famous USDT stablecoin, after doubts about its dollar reserves.
There is a need for trust now, William Gee, the risk assurance emerging technology leader at PwC for China and Hong Kong, stated. According to him, the extent to which the stablecoins will meet the requirements of regulators, what standards, protocols, and best practices will be like arises considerable interest.
Loopring Foundation representatives believe that consulting from PwC will help their organization to approach the creation and management of stablecoins and offers of security tokens most consciously.
As previously reported, the best audit firms began recruiting specialists in the crypto sphere and blockchain.