The Big Four accounting firms are "comprehensively deploying" in cryptocurrencies! Can't miss out on the tokenization wave?

When traditional financial giants are no longer content to stand on the sidelines but choose to become active players at the table, it often signals a paradigm shift in an emerging industry. Recently, one of the “Big Four” accounting firms, PricewaterhouseCoopers (PwC), sent a very clear signal: in the once uncertain field of cryptocurrency, it is shifting from a cautious observer to an active participant and builder. This strategic turn is not only a decision by PwC alone but also reflects a fundamental change in the attitude of the mainstream business world toward digital assets.

Key Catalysts

In recent years, due to ambiguous regulatory environments and aggressive enforcement actions by agencies such as the U.S. Securities and Exchange Commission (SEC), PwC, like the other “Big Three” accounting firms, has maintained a certain distance from cryptocurrency businesses. Providing audit and consulting services to crypto companies involves assessing risks in a gray area where rules are not yet fully established, which is a significant challenge for professional service firms that prioritize compliance and risk control as their lifeblood.

However, with the Trump administration’s return to office showing a more friendly stance toward cryptocurrencies and the implementation of a series of key regulations, this previously foggy domain is becoming increasingly clear. Among these, the repeatedly mentioned GENIUS Act has become a core catalyst driving PwC’s strategic shift.

Paul Griggs, Senior Partner and CEO of PwC US, explicitly stated in an interview with the Financial Times: “We expect the GENIUS Act and the regulatory framework around stablecoins to inject more confidence into the market and encourage more active participation in these products and asset classes.” This bill provides a clear legal framework for the issuance and regulation of stablecoins, effectively lowering the compliance barriers for institutional involvement and marking a decisive step toward mainstream financial tools from fringe assets. It is this institutional certainty that gives blue-chip companies like PwC the confidence to “actively participate.”

PwC’s layout is not superficial but involves “hyper engagement” in two core areas: audit and consulting. Griggs emphasized that the firm will not venture into an unprepared field. Over the past 10 to 12 months, as opportunities in digital assets have continued to emerge, PwC has strengthened its internal and external resources and expertise.

Specific business expansions include multiple levels: Advocates for payment efficiency: PwC has begun actively promoting to clients, including traditional banks and fintech companies, how to leverage stablecoins and other crypto technologies to improve payment systems, such as enabling programmable settlements and faster cross-border transfers. This shows PwC’s view of cryptocurrencies not just as speculative assets but as practical technological solutions. Expanding audit and tax services: The firm has started to undertake audits for crypto-native companies, such as Mara Holdings, a well-known Bitcoin mining firm hired by PwC last March. Additionally, tax consulting related to digital assets has become one of its重点 services. Embracing the “tokenization of everything” wave: Griggs foresees that “the trend of tokenizing everything will continue to evolve, and PwC must become part of this ecosystem.” This means PwC’s vision extends beyond mainstream cryptocurrencies like Bitcoin and Ethereum to broader asset tokenization, including real estate, art, private equity, and other real-world assets (RWA) mapped onto the blockchain.

Industry Resonance

PwC’s strategic shift is not an isolated case; in fact, it represents a collective awakening across the top accounting firms. The other three giants—Deloitte, Ernst & Young (EY), and KPMG—have also long been involved in the crypto space, jointly playing a symphony of traditional professional services embracing digital assets.

Deloitte has established a blockchain alliance, providing strategic and consulting services to industry leaders like Ava Labs and Chainalysis. EY has deepened its focus on crypto strategies and tax support, actively exploring blockchain applications within enterprises. KPMG also offers a range of integrated services including crypto audits, cybersecurity, and risk management.

The collective entry of the “Big Four” signifies more than just expanding business lines; it sends a powerful signal to the market: cryptocurrencies and their underlying technologies are no longer fringe or niche “alternative investments,” but are becoming an indispensable part of the global financial and business systems. When the world’s most rigorous and top-tier audit and consulting institutions begin systematically providing services in this domain, it undoubtedly lends strong legitimacy and long-term value to digital assets.

Deep Transformation

As stablecoins and other crypto assets become more mainstream, a deeper technical issue has surfaced: how should they be recorded and presented in financial statements?

The Financial Accounting Standards Board (FASB) has taken note of this challenge. The organization announced that it will focus on two major crypto-related issues in 2026: first, whether certain stablecoins can be classified as “cash equivalents”; second, how to account for transfers of crypto assets.

This seemingly technical accounting rule discussion is underpinned by a tug-of-war among regulators, politicians, and capital markets over “legitimizing” crypto assets. If stablecoins can be classified as cash equivalents, their position and liquidity on corporate balance sheets will be greatly enhanced. However, professional organizations like CFA have pointed out that without sufficient risk disclosures, investors may find it difficult to fully accept this classification. The outcome of this debate will directly impact the transparency, comparability of corporate financial reports, and investors’ risk assessment—an essential hurdle for crypto assets to truly integrate into the mainstream financial system.

Overall, from PwC’s “active engagement” to the comprehensive布局 of the “Big Four,” and to the underlying changes in accounting standards, we are witnessing a historic moment: the barriers between traditional finance and the crypto world are rapidly dissolving. This is no longer a question of “whether to adopt,” but of “how to deeply integrate.” PwC’s actions herald the dawn of a new financial era built through deep participation of digital assets, slowly unfolding. For all companies and individuals involved, this is both a challenge and a once-in-a-lifetime opportunity that cannot be missed.

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