Ripple successfully finalizes acquisition of Standard Custody & Trust, expanding product offerings and meeting regulatory requirements.
Ripple is set to introduce a stablecoin backed by USD, utilizing the XRP Ledger to connect blockchain and traditional financial systems.
The recent acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, marks a significant milestone for Ripple. With all necessary regulatory approvals in place, the company is poised for growth and innovation.
In an effort to enhance its existing product line and introduce new offerings like stablecoins, Ripple demonstrates its commitment to regulatory compliance. Renowned blockchain researcher Collin Brown commended this strategic move, highlighting Ripple’s dedication to bridging the gap between blockchain technology and traditional finance.
Following the completion of the Standard Custody acquisition, Ripple now includes a trust company under the jurisdiction of the New York Department of Financial Services in its extensive license portfolio. This portfolio encompasses approximately forty money transmitter licenses in the US, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.
With a focus on bolstering its blockchain and digital asset solutions, Ripple is better positioned to serve institutional clients in tokenization, storage, transfer, and value exchange. The introduction of a USD-backed stablecoin is a significant step towards integrating blockchain technology with traditional banking systems, meeting the rising demand for stable and reliable digital assets.
Jack McDonald, who continues as CEO of Standard Custody, has been appointed as Senior Vice President of Stablecoins by Ripple to lead the stablecoin project. With over three decades of experience in fintech, asset management, financial services, and investment banking, McDonald brings valuable expertise to the role.
Building on its previous acquisition of Metaco in May 2023, Ripple is strategically expanding its presence in the digital asset industry. These acquisitions underscore the growing importance of digital assets, including tokenized real-world assets, stablecoins, and central bank digital currencies.
Despite fluctuations in the XRP price, currently at approximately $0.4838, Ripple remains focused on smart acquisitions and sustainable growth, solidifying its position as a leader in enterprise blockchain technology.
