BPM’s Mark Li, Co-Chair of the Wall Street Blockchain Alliance (WSBA) Accounting Working Group, contributed to the WSBA’s recent publication “Stablecoins: A Primer for the Accounting Professional.”
The rise of Stablecoins marks the latest evolution in the fast-paced world of crypto assets and blockchain. Since the original launch of bitcoin in 2009, the challenges of volatility and speculation have marred the viability of these digital assets in the eyes of many market professionals for some time. One of the goals of stablecoins is to minimize this volatility, allowing stablecoins to be a more integral part of financial transactions, global trade and much more. At least that is the theory.
The role of the accountant, advisor and auditor is becoming ever more important in this aforementioned digital asset world. In fact, as the knowledge and expertise of accountants, advisors and auditors grows in this space, the accounting professional is becoming an integral part of the evolution of blockchain and crypto assets. This primer is meant to guide and promote that evolution.
BPM and the WSBA welcomes your thoughts and feedback, and hopes you find this document informative as well as useful. The WSBA plans to continue publishing similar thought leadership papers that continue to aid the advancement of the digital asset ecosystem, the accounting profession and in fact global markets around the world.