Ripple CEO sheds light on adopting standard custody under Stablecoin plans

Ripple, a leading blockchain payments company, announced the successful completion of the acquisition of Standard Custody & Trust Company, a regulated custodian of digital assets. This significant move, now approved by regulators, marks Ripple’s strategic expansion. Moreover, it is increasing its ability to offer robust digital asset custody solutions. Therefore, Ripple CEO Brad Garlinghouse welcomed this development.

Ripple takes over the standard care of the company

Ripple’s latest acquisition confirms its ambition to integrate blockchain technology into the global financial system. Standard Custody & Trust Company is renowned for its secure, enterprise-class trust services. As such, its acquisition adds a limited liability trust company regulated by the New York State Department of Financial Services to Ripple’s diverse portfolio of licenses.

Ripple’s regulatory track record now includes nearly 40 state money transfer licenses in the US. Moreover, the blockchain company boasts a major payment institution license issued by the Monetary Authority of Singapore and a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.

The completion of this acquisition is a key moment for Ripple as it fits into its strategy to advance its enterprise infrastructure solutions. These solutions, based on blockchain technology and digital assets, enable institutional clients to tokenize, store, transfer and exchange value more effectively.

Additionally, this acquisition also paves the way for Ripple to explore new product offerings, including its upcoming USD-backed stablecoin. Ripple’s stablecoin initiative aims to bridge the gap between blockchain and traditional finance. Additionally, it aims to meet the growing demand for stablecoins that offer trust, stability, and utility.

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Jack McDonald as Senior Vice President of Stablecoins

Leveraging its extensive experience in providing financial solutions around the world, Ripple plans to issue a stablecoin on the XRP ledger. This will increase liquidity on Ledger’s native decentralized exchange (DEX) and support a wider range of financial applications for developers, users and businesses.

By integrating stablecoin functionality with its established XRP payment solutions, Ripple aims to offer end-to-end digital asset services to its enterprise customers. This strategic acquisition and upcoming stablecoin launch underscore Ripple’s commitment to innovation, regulatory compliance and the advancement of blockchain technology in the financial sector.

Additionally, a key highlight of this acquisition is the appointment of Jack McDonald, CEO of Standard Custody, as Ripple’s Senior Vice President of Stablecoins. McDonald’s expertise and leadership is expected to play a key role in driving Ripple’s stablecoin initiatives. This nomination is in line with Ripple’s strategic vision to launch its own stablecoin. Meanwhile, McDonald will continue to remain CEO of Standard Custody.

In a post on X, Ripple’s CEO welcomed McDonald to the company. He wrote: “2 major acquisitions in ~1 year under Ripple with Metaco and Standard Custody and a big welcome to Jack McDonald! Jack is no stranger to the XRPL ecosystem (and me!) – he is excited to join the Ripple team leading our stablecoin initiatives.”

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