Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 94,258,317,151 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  -17.43 -0.32% 5,494.85 5,494.84 5,494.85
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PwC Jumps into the Stablecoin Craze

06/11/2018 5:40pm

ADVFN Crypto NewsWire


 

Bitcoin Global News (BGN)

November 06, 2018 -- ADVFN Crypto NewsWire -- PwC is known global as one of the most powerful auditors in the world, along with other consultancies like Deloitte and Ernst & Young. Especially this year, they have been getting deeper and deeper into the Blockchain, with regards to research and development. Now, as of today, it appears that they are joining the stablecoin craze in a very specific fashion.

The obvious question on the tip of many of our tongues is: why now? Furthermore, in what fashion is a well-known, at least somewhat careful company putting its faith into a relatively new sort of Cryptocurrency network? Firstly, it might be helpful to remember what stablecoins are at their core.

In an overall sense, they are meant to act as bridges between crypto and fiat that reduce the risk of investing in a normally volatile asset class. Thus, these coins represent the least risky choice in the Crypto sphere, at least, by definition.

According to today’s news, the boom of these coins in popularity has resulted in PwC becoming an advisor for Cred, which is a Blockchain lending platform, and the Loopring Foundation, which is a group that works heavily on decentralized exchange protocols and wants to get into stablecoins. With this information in mind, as Coindesk mentions, you might find yourself wondering if we will soon see real audits of stablecoins that we can trust. In other words, does this signal a shift away from Tether and its refusal to accurately do so?

If you take Coindesk’s advice on the subject, the answer is not so fast. In saying this, they cite the opinions of industry leaders like Cameron Winklevoss, who runs the Gemini Exchange and is basically responsible for the Gemini Dollar stablecoin, along with his brother Tyler. According to Winklevoss, it seems that there is no framework which can demonstrate enough of an understanding of a stablecoin to reliably audit it.

If this proves to be true, we just might have to think again about our criticism of a project like Tether. Perhaps they were only following other industry leaders in terms of their decision to not move forward with an audit? Even so, on the other hand, Tether’s case still looks shaky at best, with a recent claim that their supposed bank, backing their reserves, is quite controversial. Until a framework is announced, the regulatory status of stablecoins will reasonably continue to be up in the air. Even so Gemini is a good place to start investing in them, due to their status as one of the only regulated Crypto exchanges, next to Coinbase.

 

 

By: BGN Editorial Staff

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