Ripple Completes Standard Custody Acquisition and Appoints Jack McDonald as SVP of Stablecoins
Earlier this year, Ripple unveiled its plans to acquire Standard Custody & Trust Company, a regulated custodian for digital assets. With all necessary regulatory approvals secured, the acquisition is now finalized. This significant move strengthens Ripple’s existing offerings and opens doors to new opportunities, such as stablecoins, all while maintaining a commitment to regulatory compliance. Ripple’s strategy emphasizes collaborating with global regulators to integrate blockchain into the global financial infrastructure.
Earlier this year, Ripple announced its intent to acquire @StandardCustody, and today, we’re pleased to share that the acquisition is now complete!
Learn how this deal further enables Ripple to deliver on building the Internet of Value:https://t.co/pS3QxeOOWm
— Ripple (@Ripple) June 11, 2024
Strengthening Regulatory Compliance and Infrastructure
The completion of this acquisition brings a limited purpose trust company, regulated by the New York Department of Financial Services, into Ripple’s portfolio. Ripple now holds nearly 40 money transmitter licenses across the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. This extensive regulatory framework enhances Ripple’s ability to provide robust enterprise infrastructure solutions powered by blockchain and digital asset technology. These solutions enable better tokenization, storage, transfer, and exchange of value for institutional customers.
Introducing Stablecoins and Enhancing Financial Solutions
Following the acquisition, Ripple has announced its plans to launch a USD-backed stablecoin. This initiative aims to bridge blockchain technology with traditional finance, addressing the high demand for stablecoins that offer trust, stability, and utility. Ripple plans to leverage its extensive experience in creating real-world financial solutions to cater to this expanding market. The new stablecoin, along with XRP, will be used in Ripple’s payment solutions, continuing to serve enterprise customers globally. Issued on the XRP Ledger, Ripple’s stablecoin will enhance liquidity on XRPL’s native DEX and support a variety of financial use cases for developers, users, and businesses.
Leadership and Vision with Jack McDonald
Ripple is thrilled to announce Jack McDonald as the new Senior Vice President of Stablecoins, while he continues his role as CEO of Standard Custody. With over 30 years of experience in investment banking, asset management, financial services, and digital assets, Jack McDonald brings a wealth of expertise to lead Ripple’s stablecoin team. His leadership will be pivotal in bringing Ripple’s stablecoin to market, fostering growth, and innovation in the digital asset space.
Expanding Digital Asset Custody
Standard Custody is Ripple’s second significant acquisition within a year, following the acquisition of Metaco in May 2023. Metaco is renowned for its institutional digital asset custody solutions. These strategic acquisitions highlight the increasing importance of digital assets, including stablecoins, CBDCs, and tokenized real-world assets like stocks, bonds, commodities, and real estate. Ripple’s commitment to providing trust, utility, and liquidity aims to unlock access to these new asset classes and the broader token economy, accelerating market growth.
Commitment to Regulatory Adherence and Customer Service
Ripple remains dedicated to making strategic acquisitions to bolster its leadership in the enterprise blockchain space. By securing the right licenses and adhering to regulatory standards, Ripple aims to enhance cross-border payments, digital asset custody, and more. This approach is crucial for fostering institutional adoption of blockchain technology and paving the way for the future of digital finance.