Ripple Closes Acquisition of Standard Custody and Announces Jack McDonald as SVP Stablecoins | Ripple

Earlier this year, Ripple announced its intention to acquire Standard Custody & Trust Company, a regulated custodian of enterprise-grade digital assets. The acquisition has received the necessary regulatory approvals and is now completed. This is an exciting new chapter for Ripple, aiming to strengthen its existing product offering and explore new, complementary products such as stablecoins – backed by a commitment to regulatory compliance. Ripple’s experience working with global regulators and policymakers underscores the belief that for blockchain to become an integral part of the global financial infrastructure, the industry must build on, not around, regulatory and compliance systems.

The closing of this acquisition adds a limited liability trust company regulated by the New York State Department of Financial Services to its licensing portfolio, which includes nearly 40 money transmitter licenses throughout the United States, as well as Principal payment institution license issued by the Monetary Authority of Singaporeand Registration of a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland. This enables the company to further strengthen its blockchain-based enterprise infrastructure and digital asset solutions, enabling it to better serve its institutional clients in tokenization, storage, transfer and exchange of value.

The closing of this transaction comes just after Ripple announced its plans to launch the app USD backed stablecoin— a natural step for Ripple as it continues to bridge the gap between blockchain and traditional finance. There is a huge demand for stablecoins that provide trust, stability and utility, and Ripple will leverage its over a decade of experience in creating real-world financial solutions for global institutions to meet this growing market. Ripple will use both stablecoin and XRP in its payment solution to continue serving enterprise customers around the world. The Ripple stablecoin will be issued on XRP Ledger to help provide greater liquidity Native DEX of XRPLand to support more financial use cases on the ledger for developers, users and businesses.

To this end, Ripple is pleased to announce the appointment of Jack McDonald as Senior Vice President of Stablecoins, while retaining his current role as CEO of Standard Custody. With over three decades of experience working with investment banks, asset managers, financial services, and most recently fintechs and digital assets, Jack brings a wealth of knowledge and experience to help lead the stablecoin team and bring the Ripple stablecoin to market.

Standard Custody is Ripple’s second major acquisition last year, after Metaco acquisition in May 2023 – a leading provider of institutional digital asset custody solutions. Both movements emphasize the growing scope and importance of digital resources; from stablecoins and CBDCs to tokenized real-world assets (RWAs) such as stocks, bonds, commodities, real estate and more. Market participants require trust, utility and liquidity to unlock access to these new asset classes and the broader token economy, and Ripple is committed to accelerating this growth.

Ripple will continue to leverage its strong financial position to make smart acquisitions and further strengthen the company’s leading position in the enterprise blockchain space. WITH cross-border payments Down storage of digital assets and more, having the appropriate licenses to better serve customers and comply with regulations is the next key step in paving the way for institutional adoption of blockchain technology.

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