Crypto Power Player PwC is Assisting on Cred Crypto Lending Platform's New Stablecoin Project

PwC Is Currently Advising a New Stablecoin Project in The Market

A division of the worldwide accounting and consulting firm PwC is currently working with a new stablecoin project that aims at developing a U.S. Dollar-based coin. The Hong Kong division will be exploring the best practices for issuing new stablecoins working with the Loopring Foundation.

The information was released on Tuesday by PwC Hong Kong. This is not the first time that PwC or a subsidiary of this company decides to work with stablecoins. In the past, PwC partnered in the United States with the platform Cred, which is developing its own stablecoin tied to the US dollar.

There are several companies that are investing in stablecoins. Circle, for example, has released its own coin pegged to the US dollar and it is known as USDC. Gemini, an important and popular virtual currency exchange in the market, has released the Gemini Dollar (GUSD).

Companies are entering the market after Tether (USDT) started to have some issues with the funds it manages. Some users and retail investors stopped trusting Tether.

William Gee, PwC’s risk assurance emerging technology leader for China and Hong Kong said about it:

“There’s a need for enhanced trust. So we are asking how things would look inside a regulated context; what are the standards; protocols, best practices and how would they fit?”

With Loopring Foundation it will be possible to help enhance transparency around the creation and management of specific stablecoins and other securities token offerings. The founder of Loopring Foundation, Daniel Wang, said that the Loopring Protocol will be playing a very important role in regtech applications.

PwC involvement in the market allows experts to ask whether it will be necessary for the space to have companies that carry audits of stablecoins in the market. According to Gee, this is an obvious step that not only the Big Four is taking. For example, PwC has been appointed as Tezos (XTZ) auditor.

Nevertheless, it might not be so easy for companies to work in an area without recognized standards or baseline regulatory approaches.

Cameron Winklevoss, in charge of the Gemini Dollar stablecoin and the Gemini exchange, said that there is no financial report framework to audit a stablecoin.

Gee says that in order to audit a stablecoin, issues such as AML and KYC must be addressed first. Moreover, it is not only necessary to see whether the funds to back the stablecoin are there, but it is also a key point to see and understand how the whole system works.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first...

KuCoin Hack Update: 11 Crypto Projects Freeze the Stolen Tokens

Over the weekend, KuCoin lost about $275 million in BTC, XRP, BSV, XLM, TRX, stablecoins, ETH, and other ERC-20 tokens in a security breach....

Bitcoin Re-Entering the ‘Intense Historical Trading' Area Following a Strong Uptrend

Bitcoin is back at near $11,000. The leading digital currency has been making its way upwards since the mid of last week. Today, to mark...

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network. 2317 BTC was minted on Sept....

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today