PwC To Design Standards For Stablecoins In Collaboration With Cred
PricewaterhouseCoopers (PwC) will develop new standards for stablecoins and digital asset system in cooperation with the credit company Cred and Universal Protocol, the alliance of blockchain companies, as reported in the PwC press release.
Dan Schatt and Lu Hua, the former PayPal employees, established Cred. They decided to provide loans in cryptocurrency, regardless of the location of the borrower. The company provides blockchain-based loans to clients worldwide, having a capital asset of $250 million.
The partnership with PwC is one of the first cases when such a large corporation begins to cooperate with a crypto- and blockchain-oriented company, Dan Schatt states. He believes that stablecoins will contribute to increasing transparency on the crypto market and the development of the economy. Coins can attract large investors and make the loan system more accessible.
If there is a stablecoin pegged to the US dollar, this increases the credibility of the market, Schatt added.
PwC is using all of its proficiency to assist a growing asset class and related market infrastructure components, Grainne McNamara, the representative of the consulting company, stated. The corporation will consult on security, risk management, and control issues to help shape the future of the stablecoin ecosystem.
Earlier, a PwC study revealed that only a quarter of the surveyed executives of companies use distributed ledger technology.