Big Four accounting firm PwC has reversed its cautious stance on crypto after regulatory developments related to the space in the United States.
PwC Has Softened Its Stance On Crypto
According to a report from the Financial Times, PwC has changed its strategy around digital assets following the new laws passed by Donald Trump’s administration. PricewaterhouseCoopers, PwC in short, is a multinational professional services network headquartered in London. It provides services such as audits, tax planning, and business consulting to companies worldwide.
PwC is the second-largest firm of its kind and part of the Big Four accounting firms. Previously, the British company steered clear of crypto-related work in the US like other Big Four firms, but it seems that stance has now changed. The shift has come as the US has made advancements in its crypto regulatory framework. Among the new laws is the Genius Act, which regulates stablecoins, digital assets pegged to a fiat currency like the US Dollar (USD).
“The Genius Act and the regulatory rulemaking around stablecoin, I expect, will create more conviction around leaning into that product and that asset class,” said Paul Griggs, senior partner at PwC US, in an interview with FT.
Griggs added that PwC has been pitching companies on how they can use digital asset technology, with stablecoins as a means of improving payment systems’ efficiency, cited as one example.
PwC and other Big Four firms budging on crypto showcases the legislative momentum that the industry has had recently, with traditional finance increasingly unable to ignore the sector. Stablecoins, in particular, have been witnessing growing adoption. Beyond the American Genius Act, this class of digital assets also attracted regulatory attention in other parts of the world.
Hong Kong introduced a stablecoin issuer licensing framework last year, while Japan observed the launch of its first yen-based token. In Europe, major banks have come together to work on a euro-pegged coin, aiming to challenge the sector’s USD dominance. The positive regulation in 2025 meant that the space witnessed some sharp growth, with the market cap exploring new records, as data from DefiLlama shows.
The trend in the market cap of all stablecoins over the last several years | Source: DefiLlama
The sector hasn’t been unaffected by the wider slowdown in crypto since October, however. From the above chart, it’s visible that the stablecoin market cap has seen consolidation in the last few months.
Nonetheless, while other parts of the market have shrunken, these fiat-tied tokens still have their combined market cap sitting at $307 billion today, which is very close to the all-time high (ATH).
Bitcoin Price
At the time of writing, Bitcoin is trading around $92,900, up nearly 6% over the last week.
Looks like the price of the coin has shot up over the last few days | Source: BTCUSDT on TradingView
Featured image from Dall-E, DefiLlama.com, chart from TradingView.com
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