Ripple Acquires Standard Custody, Appoints Jack McDonald as Head of Stablecoins

Of Fintech News Singapore
June 12, 2024

Ripple, a provider of enterprise blockchain and cryptographic solutions, has finalized its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, after obtaining the necessary regulatory approvals.

This move aims to improve Rippleof products and explore new initiatives such as 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 money transmission licenses in the United States, a Major Payment Institutions License issued by the Monetary Authority of Singaporeand the registration of a virtual asset service provider with the Central Bank of Ireland.

This expansion aims to strengthen Ripple’s ability to provide robust enterprise infrastructure solutions based on blockchain and digital asset technology, enhancing services for institutional clients in tokenization, storage, movement and exchange of value.

Following this acquisition, Ripple announced its intention to do so 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 was named Senior Vice President of Stablecoins while continuing to serve as CEO of Standard Custody.

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

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

Featured image credit: Edited by Freepik

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