Ripple (XRP) Completes Acquisition of Standard Custody, Appoints Jack McDonald to Lead Stablecoins

Ripple
(XRP)
Finalizes
Acquisition
of
Standard
Custody

Ripple,
a
prominent
player
in
the
blockchain
and
digital
assets
space,
has
completed
its
acquisition
of
Standard
Custody
&
Trust
Company.
Standard
Custody
is
an
enterprise-grade
regulated
custodian
for
digital
assets.
This
acquisition,
announced
earlier
this
year,
has
received
the
necessary
regulatory
approvals,
marking
a
significant
milestone
for
Ripple’s
strategy
to
enhance
its
product
offerings
and
explore
new
ventures
such
as
stablecoins.

Regulatory
Compliance
and
Licensing

The
closing
of
this
acquisition
adds
a
limited
purpose
trust
company
regulated
by
the
New
York
Department
of
Financial
Services
to
Ripple’s
already
extensive
license
portfolio.
Ripple
holds
nearly
40
money
transmitter
licenses
across
the
United
States,
along
with
a
Major
Payment
Institution
License
from
the
Monetary
Authority
of
Singapore
and
a
Virtual
Asset
Service
Provider
(VASP)
registration
with
the
Central
Bank
of
Ireland.
This
move
is
expected
to
bolster
Ripple’s
enterprise
infrastructure
solutions,
enabling
better
service
to
institutional
customers
in
tokenizing,
storing,
moving,
and
exchanging
value.

Introduction
of
USD-Backed
Stablecoin

In
conjunction
with
the
acquisition,
Ripple
has
announced
plans
to
launch
a
USD-backed
stablecoin.
This
initiative
aims
to
bridge
the
gap
between
blockchain
and
traditional
finance,
addressing
the
growing
demand
for
stablecoins
that
offer
trust,
stability,
and
utility.
Ripple
plans
to
leverage
its
extensive
experience
in
building
financial
solutions
for
global
institutions
to
capture
this
expanding
market.
The
stablecoin
will
be
issued
on
the
XRP
Ledger,
enhancing





liquidity
on
XRPL’s
native
decentralized
exchange
and
supporting
diverse
financial
use
cases
for
developers,
users,
and
businesses.

Jack
McDonald
Appointed
as
SVP
of
Stablecoins

To
lead
the
stablecoin
initiative,
Ripple
has
appointed
Jack
McDonald
as
Senior
Vice
President
of
Stablecoins.
McDonald
will
maintain
his
current
role
as
CEO
of
Standard
Custody.
With
over
three
decades
of
experience
in
investment
banking,
asset
management,
financial
services,
fintech,
and
digital
assets,
McDonald
brings
a
wealth
of
expertise
to
Ripple’s
stablecoin
team.

Strategic
Acquisitions
and
Future
Plans

Standard
Custody
is
Ripple’s
second
major
acquisition
in
the
past
year,
following
the
acquisition
of
Metaco
in
May
2023.
Metaco
is
a
leading
provider
of
institutional
digital
asset
custody
solutions.
These
strategic
moves
highlight
the
growing
importance
of
digital
assets,
including
stablecoins,
central
bank
digital
currencies
(CBDCs),
and
tokenized
real-world
assets
such
as
stocks,
bonds,
commodities,
and
real
estate.
Ripple
aims
to
build
trust,
utility,
and
liquidity
to
unlock
access
to
these
new
asset
classes
and
the
broader
token
economy.

Ripple
intends
to
leverage
its
strong
financial
position
to
pursue
further
acquisitions
and
cement
its
leadership
in
the
enterprise
blockchain
space.
By
securing
the
necessary
licenses
and
focusing
on
regulatory
compliance,
Ripple
is
paving
the
way
for
wider
institutional
adoption
of
blockchain
technology,
from
cross-border
payments
to
digital
asset
custody
and
beyond.

For
more
information,
visit
the
official

Ripple
website.

Image
source:
Shutterstock

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