Earlier this year, Ripple made public its intention to acquire Standard Custody & Trust Company, a reputable custodian of digital assets. Following the successful procurement of all necessary regulatory approvals, the acquisition has now been finalized. This significant development not only reinforces Ripple’s current offerings but also presents new avenues for growth, particularly in the realm of stablecoins, all while upholding a strong commitment to regulatory compliance. Ripple’s strategic focus revolves around collaborating with regulators worldwide to seamlessly integrate blockchain technology into the global financial system.
In an exciting update, Ripple has officially completed the acquisition of @StandardCustody, marking a milestone in its mission to establish the Internet of Value.
The culmination of this acquisition brings a regulated trust company under the oversight of the New York Department of Financial Services into Ripple’s expanding portfolio. With close to 40 money transmitter licenses throughout the U.S., a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, Ripple now boasts a robust regulatory framework that reinforces its ability to deliver cutting-edge enterprise solutions powered by blockchain and digital asset technology. These solutions facilitate enhanced tokenization, storage, transfer, and exchange of value for institutional clients.
In the wake of this acquisition, Ripple has revealed plans to introduce a stablecoin pegged to the USD. This strategic move is aimed at bridging the gap between blockchain technology and traditional finance, catering to the growing demand for stablecoins that offer reliability, stability, and utility. Leveraging its extensive experience in creating practical financial solutions, Ripple is poised to address this expanding market effectively. The new stablecoin, in conjunction with XRP, will be integrated into Ripple’s payment solutions, continuing to serve enterprise customers on a global scale. Built on the XRP Ledger, Ripple’s stablecoin will enhance liquidity on XRPL’s native DEX and support a diverse range of financial applications for developers, users, and businesses.
Ripple is delighted to announce the appointment of Jack McDonald as the Senior Vice President of Stablecoins, in addition to his current role as CEO of Standard Custody. With a wealth of experience spanning over 30 years in investment banking, asset management, financial services, and digital assets, Jack McDonald brings invaluable expertise to lead Ripple’s stablecoin team. His leadership will play a crucial role in launching Ripple’s stablecoin, fostering growth, and driving innovation in the digital asset domain.
Standard Custody represents Ripple’s second significant acquisition within a year, following the acquisition of Metaco in May 2023. Renowned for its institutional digital asset custody solutions, Metaco underscores the growing significance of digital assets, including stablecoins, CBDCs, and tokenized real-world assets such as stocks, bonds, commodities, and real estate. Ripple’s unwavering commitment to providing trust, utility, and liquidity is geared towards unlocking access to these emerging asset classes and the broader token economy, thereby accelerating market expansion.
Remaining steadfast in its commitment to regulatory compliance and customer service, Ripple continues to make strategic acquisitions aimed at fortifying its leadership position in the enterprise blockchain sector. By obtaining the requisite licenses and adhering to regulatory standards, Ripple is steadfast in its mission to enhance cross-border payments, digital asset custody, and other key areas. This approach is pivotal in driving institutional adoption of blockchain technology and shaping the future landscape of digital finance.