PWC which is short for PricewaterhouseCoopers is a highly respected and very popular accounting firm. Over the past months, the firm has impacted the crypto space with its reports and analytics tool. The accounting firm is now providing support for a digital currency. Specifically, a USD backed stable coin.
PWC Partners With Cred To Create A USD Backed Stablecoin
According to the announcement made by PricewaterhouseCoopers, the firm is collaborating with Cred to create something big. Cred is a decentralized lending startup that is working on a new U.S dollar backed stablecoin. The accounting firm wants to offer its expertise to help the blockchain startup to create more laborious standards for stablecoins, according to the announcement of PWC.
Stablecoins are digital currencies which require a reserve ledger that can provide 100 percent value substantiation and transparency.
Over the past months, other top firms and prominent investors have threaded the path of stablecoins, such as IBM and Andreessen Horowitz – a venture capitalist. PricewaterhouseCoopers has now joined the bandwagon, as they all see stablecoins as a digital proxy for the U.S dollar, hence a much easier transferable version of cash.
Tether To Face A Strong Competition
Tether is the original stablecoin backed by the U.S dollar, and its popularity has increased enormously. When it comes to Bitcoin (BTC) trading volume, BTC/USDT pair accounts for more trading volume that BTC/USD.
Though the accounting firm didn’t mention Tether during its announcement, it is clear that the stablecoin is up for a big competition. Last week, fears about Tether emanated when the value of the coin dropped to $0.95 rather than remaining at the $1 level. This happened on the Kraken digital currency trading platform, however, the digital currency rebounded right after that.
Tether (USDT) Price Today – USDT / USD
At the time of writing, the stable coin which is supposed to be at $1 is trading at 99 cents after a decrease of 0.33 percent over the past twenty-four hours. The market cap of the digital currency is $2.68 billion and its trading volume over the past twenty-four hours is $2.94 billion.