Popular blockchain firm, Ripple has finally completed the acquisition of Standard Custody & Trust Company. Describing the firm as an enterprise-based regulated digital asset custodian, Ripple noted that this new feat will enhance its product offerings, cementing its place as one of the major players in the financial landscape.
In a Tuesday Twitter post, Ripple revealed that the acquisition has gone through all necessary regulatory scrutiny. The firm emphasizes its commitment to continuously working with global regulators to build the next generation of the global financial infrastructure with the aid of blockchain and digital asset techniques. At press time, Ripple has close to 40 regulatory licenses from top regulators worldwide, including the Monetary Authority of Singapore (MAS). That being said, with the completion of the deal, Ripple is now diving into new product lines like stablecoins.
The firm plans to launch a USD-backed stablecoin so as to bridge the gap between blockchain technologies and the traditional finance world. This step, according to Ripple, will go a long way in addressing the rising demand for stablecoins that offer a combination of trust, stability, and utility in one package. The new stablecoin will also join XRP as its payment solutions and will be issued on the XRP ledger.
Ripple announces Jack McDonald as its stablecoin team lead
Kickstarting its new business plan in grand style, Ripple announced the appointment of Jack McDonald as the new senior Vice President of stablecoins. Prior to his appointment, MCDonald is the CEO of Standard Custody. While still retaining his role, Ripple expects MCDonald to bring his wealth of experience in the financial sector to lead Ripple’s new stablecoin team.
Worth noting that Standard Custody is Ripple’s second acquisition in the past thirteen months. Don’t forget that it also acquired Metaco, a renowned institutional digital asset custodian in May 2023. With these major acquisitions, Ripple aims to expand the reach of digital assets across the globe. More so, it signifies the growing relevance of stablecoins, CBDCS and even tokenized real-world assets.
Read More: