PwC teams up with Cred to bring its expertise to stablecoins and digital assets

‘Big Four’ accounting firm PwC has announced that it has partnered with Cred, a blockchain startup focused on decentralized lending, to bring its expertise to stablecoins and the digital asset ecosystem.

Previously Libra Credit, Cred is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain. It is one of the founding members of the Universal Protocol Alliance.

According to the official announcement, the collaboration is particularly aimed at fiat-pegged crypto assets and “enhancement of standards necessary to support the next 100M users of crypto assets.”

Grainne McNamara, US Blockchain and Cryptocurrency Leader, PwC, said that key focus will be on enhancing industry awareness on how to scale and secure the asset-backed digital token ecosystem on behalf of participants along the digital asset value chain.

“We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort,” McNamara said.

Noting the recent advent of stablecoins, PwC emphasized that these assets require “reserve ledger built for decentralized assets, that can provide 100% transparency and value substantiation.”

Under this partnership, PwC will provide its perspective on “how standards can be enhanced to facilitate a more transparent set of reserve functions, stablecoins and deposit and yield products.” It will also offer insights on governance, security, risk management, and controls as part of its efforts to help shape the future of the ecosystem and associated industry practices.

Dan Schatt, Cred co-founder and President, said that the collaboration sends a very strong message that “the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries.”

“This will help the ecosystem evaluate key considerations as standards are enhanced relative to the creation and management of stablecoins and universal digital assets that support mass adoption of crypto assets,” Schatt said.