Ripple Acquires Standard Custody, Names Jack McDonald as Stablecoin Lead

Ripple Acquires Standard Custody, Names Jack McDonald as Stablecoin Lead

by June 12, 2024

Ripple, a provider of enterprise blockchain and crypto solutions, has finalised its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, after securing necessary regulatory approvals.

This move aims to enhance Ripple‘s product offerings and explore new ventures like stablecoins while maintaining regulatory compliance.

With the acquisition, Ripple adds a limited purpose trust company regulated by the New York Department of Financial Services to its licenses.

Ripple now has nearly 40 U.S. money transmitter licenses, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.

This expansion aims to bolster Ripple’s ability to provide robust enterprise infrastructure solutions powered by blockchain and digital asset technology, improving services for institutional customers in tokenising, storing, moving, and exchanging value.

Following this acquisition, Ripple has announced plans to launch a USD-backed stablecoin. The stablecoin, along with XRP, will be integrated into Ripple’s payment solutions to serve enterprise customers globally.

Issued on the XRP Ledger, Ripple’s stablecoin will enhance liquidity and support financial use cases on the Ledger for developers, users, and businesses.

Jack McDonald

Jack McDonald

Jack McDonald has been appointed as Senior Vice President of Stablecoins while continuing his role as CEO of Standard Custody.

With over 30 years of experience in investment banking, asset management, financial services, fintech, and digital assets, McDonald brings valuable expertise to lead Ripple’s stablecoin team.

This acquisition of Standard Custody follows Ripple’s purchase of Metaco in a US$250 million deal in May 2023.



Featured image credit: Edited from Freepik