Ripple hires a new vice president for the launch of Stablecoins as part of taking over the standard care of the company

Ripple is taking a big step towards launching a USD-collateralized stablecoin with the appointment of Standard Custody CEO Jack McDonald as senior vice president (SVP) of Stablecoins.

In an exciting development, Ripple has appointed Jack McDonald, CEO of Standard Custody, as Senior Vice President (SVP) of Stablecoins.

Ripple made the announcement in a press release today, announcing the acquisition of Standard Custody & Trust Company. Despite the appointment, Ripple revealed that McDonald will continue in his duties as CEO of Standard Custody.

The development comes more than two months after Ripple announced plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year.

According to Ripple, the upcoming stablecoin will help bridge the gap between traditional finance and blockchain while providing greater liquidity to XRPL’s native decentralized exchange (DEX).

Ripple will leverage McDonald’s expertise to launch Stablecoin

McDonald’s appointment is of great importance to Ripple given his extensive experience in the financial sector. According to Ripple, McDonald boasts over 30 years of experience in various fields of finance, including asset management, digital assets and investment banking.

As such, he is expected to leverage his extensive financial knowledge to lead Ripple’s stablecoin team and bring the company’s stablecoin to market later this year. McDonald revealed this today in a post on X.

I’m very happy to share this as part of the closing of the deal. I join @Ripple as Senior Vice President of Stablecoins, who will lead the team bringing the Ripple stablecoin to market later this year (though he will also remain CEO of Standard Custody)! https://t.co/qIWAeRJ8ll

— Jack McDonald (@_JackMcDonald_) June 11, 2024

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In response to this development, Ripple CEO Brad Garlinghouse welcomed McDonald to the stablecoin team, highlighting his knowledge of the XRP ledger. Ripple’s CEO is excited to have McDonald lead the company’s stablecoin initiative.

Moreover, Garlinghouse also expressed excitement about Ripple’s acquisition of Standard Custody – an initiative that has been in the works for several months.

Ripple is finalizing the takeover of standard care of the company

Recall that Ripple announced plans to acquire Standard Custody in February 2024. Despite finalizing the deal, Ripple could not finalize the acquisition as both parties were waiting for approval from the New York State Department of Financial Services (DFS).

In its recent statement, Ripple stated that it has received the necessary approval to acquire Standard Custody and has completed the transaction.

After the Standard Custody deal was finalized, Garlinghouse highlighted that Ripple completed two major acquisitions in one year, including Metaco.

2 major acquisitions in ~1 year under Ripple’s watch with Metaco and Standard Custody and a big welcome @_JackMcDonald_! Jack is no stranger to the XRPL ecosystem (and me!) – he’s delighted to have joined the team @Ripple, leading our stablecoin initiatives. https://t.co/1y6i1OtK6z

— Brad Garlinghouse (@bgarlinghouse) June 11, 2024

It is worth noting that in May 2023, Ripple acquired Metaco, enabling the former to onboard institutional clients to its payment solutions.