With Cred partnership, PwC wants to help make stablecoins legit

Audit giant PwC is the latest mainstream firm to show new interest in digital currencies. This week it announced a partnership with decentralized lending platform Cred to advise on better standards for stablecoins.

While details of the partnership are light, Cred is working on its own stablecoin tied to the U.S. dollar, and is hoping to avoid the mistakes of certain competitors by ensuring confidence in its operations from the ground up.

PwC’s overall interest here is to build broader trust so it can help millions of new users gain digital assets — and presumably create new revenue streams for its global professional services business in the process.

Like IBM and other companies large and small that are looking at stablecoins today, PwC is attracted to the blend of traditional and new monetary systems. Stablecoins are digital currencies pegged to a stable asset, such as gold or fiat currencies, or backed by collateral (that could also be a cryptocurrency); the arrangement is analogous to how some countries peg their national currencies to the dollar.