JAKARTA After the bankruptcy of FTX, demands for transparency from crypto companies are getting stronger. This caused many companies to decide to issue Reserve Evidence or Proof of Reserve and conduct external audits.
However, in December, reports emerged that none of the big 4 accounting firms (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) were willing to audit crypto companies.
The same thing happened to accounting firms such as Mazars Group and Armanino who stopped audit services for their crypto clients last month. Mazars, who audited Binance, Crypto.com, and KuCoin, stopped its services due to public sentiment.
As a result, there are concerns that mainstream accounting firms cannot provide the necessary audits to maintain and restore investor confidence in crypto companies.
According to a Coinpeaker report, Deloitte's announcement as the Circle's new auditor created excitement among cryptocurrency enthusiasts. Circle also guarantees USDC holders and the general public that they remain committed to transparency.
They stated that they would continue to provide open and timely reports on how companies reduce risk and maintain liquidity in their reserves.
Stablecoin is the next big thing in the crypto world. Circle CEO Jeremy Allaire believes that stablecoins like USDC are important among crypto assets. He noted the need for a shift in blockchain utility value phases and money that is programmable and always active.
According to Allaire, embracing stablecoin has nothing to do with competing with traditional financial systems. Instead, it is about doing things traditional systems cannot. He highlighted the potential to reduce payment costs and the growing interest of traders in this evolution.
Allaire also stated that companies such as Mastercard, Stripe, Visa, and Checkout.com have partnered with companies to realize stablecoins. The US Congress will also pass stablecoin laws to accommodate this potential.
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