2024-6-14 22:46 |
Ripple has finalized its acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets, in anticipation of launching its stablecoin.
The move, announced on Tuesday by the enterprise blockchain company signals Ripple’s strategic expansion into the stablecoin market, aiming to bridge the gap between blockchain technology and traditional finance.
“Earlier this year, Ripple announced its intent to acquire Standard Custody & Trust Company, an enterprise-grade regulated custodian for digital assets. The acquisition received the necessary regulatory approvals and is now complete,” Ripple wrote.
The acquisition marks a significant milestone for Ripple as it strengthens its product offerings and ventures into new avenues, such as stablecoins while maintaining a commitment to regulatory compliance. Ripple’s emphasis on collaboration with global regulators underscores its vision of integrating blockchain into the global financial infrastructure within established regulatory frameworks.
By adding Standard Custody to its portfolio, Ripple gains access to a limited-purpose trust company regulated by the New York Department of Financial Services, bolstering its enterprise infrastructure solutions for tokenizing, storing, moving, and exchanging digital assets. This acquisition follows Ripple’s recent announcement of plans to launch a USD-backed stablecoin, which aligns with the growing demand for stablecoins offering trust, stability, and utility in the market.
The stablecoin, to be issued on the XRP Ledger, aims to enhance liquidity and support various financial use cases on the Ledger. Last week, Ripple president Monica Long clarified they intend to launch the product this year, adding that the company intends to leverage the stablecoin and its native cryptocurrency, XRP, in its payment solutions to cater to enterprise customers worldwide.
That said, following the announcement, Jack McDonald, CEO of Standard Custody, expressed gratitude and announced that he would be assuming the role of Senior Vice President of Stablecoins at Ripple while retaining his position at Standard Custody.
Brad Garlinghouse, CEO of Ripple, also expressed excitement about McDonald’s appointment and the forthcoming stablecoin launch, highlighting Ripple’s dedication to innovation and leadership in the enterprise blockchain space.
“A big welcome to Jack McDonald. Jack is no stranger to the XRPL ecosystem (and to me!) – thrilled to have him join team Ripple, leading our stablecoin initiatives,” wrote Garlinghouse.
The acquisition of Standard Custody follows Ripple’s previous acquisition of Metaco, a leading provider of institutional digital asset custody solutions, in May 2023, further expanding Ripple’s capabilities in the crypto market.
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