Travis Wise / Flickr

An ongoing concern among price-pegged stablecoins has been the transparency and legitimacy of operations that assure that each token is truly backed 1:1 with the corresponding asset.

To address these issues, Cred (LBA), a decentralized lending startup formerly known as Libra Credit, has partnered with PricewaterhouseCoopers (PwC) to develop a new stablecoin pegged to the dollar.

According to an announcement this week, PwC will leverage its deep account and financial market expertise to enhance the standards applied to the emerging digital asset class. Ultimately, PwC will work with Cred to provide guidance on the governance, security, risk management, and controls to help build trust and credibility for its new stablecoin.

“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain,” said Grainne McNamara, the U.S. blockchain and cryptocurrency head at PwC.

While there is no indication as to when it will be available to the public, Cred’s new stablecoin will enter a market that is rapidly becoming saturated with a number of coins backed by high-profile investors. However, PwC is confident that the trust they bring to the crypto ecosystem “will usher in the next 100M users of crypto assets.”

More: PwC collaborates with Cred, Co-Founder of the UP Alliance and new USD Stablecoin
Related: Binance Labs Invests in Crypto Lending Startup Libra Credit
Photo: Travis Wise / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.