PwC Backs USD Stablecoin Cryptocurrency in Tether Challenge

PricewaterhouseCoopers, the top accounting firm better known as PwC, is backing a cryptocurrency—specifically, a so-called stablecoin backed by the U.S. dollar.

The accounting firm is partnering with Cred, a decentralized lending startup that’s developing a new stablecoin pegged to the dollar, PwC announced Monday. PwC will offer its accounting expertise to ensure Cred’s dollar-backed coin “can provide 100% transparency and value substantiation,” the firm said in a statement.

To hear PwC tell it, a lack of trust in stablecoins—and the existence of the dollar reserves backing them—has been keeping many potential investors out of cryptocurrency entirely. According to PwC, making the dollar reserves backing stablecoins fully auditable will “usher in the next 100 million users of crypto assets.”

PwC is just the latest major firm to jump on the stablecoin bandwagon, joining companies like IBM…