PwC, the global consulting and assurance firm, recently signalled its entrance into the cryptocurrency world by announcing a partnership with decentralized lending platform Cred. Cred (previously Libra Credit) was founded by PayPal technology veterans and intends to produce an entire suite of crypto assets, including a US dollar stablecoin—a digital asset pegged to the price of the US dollar.

What Is a Stablecoin?

Over the past two years, there has been increasing interest in blockchain as a technology for data sharing and traceability in industries ranging from shipping to food to diamonds. There has also been a rush of initial coin offerings, a form of capital raising based on digit assets, with over $20.6 billion raised this year.

With these different use cases competing for attention, it is easy to forget that the original application for blockchain technology was Bitcoin, the…
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