Ripple, a leading blockchain and digital asset company, has successfully completed its acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets. This strategic move follows the necessary regulatory approvals and marks a significant milestone in Ripple's efforts to strengthen its enterprise infrastructure solutions and expand its product offerings.

Key Highlights:

- *Expanded Regulatory Footprint*: The acquisition adds a New York Department of Financial Services-regulated limited purpose trust company to Ripple's licensing repertoire, which already includes nearly 40 money transmitter licenses across the United States, 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.

- *Stablecoin Initiative*: Ripple appoints Jack McDonald as Senior Vice President of Stablecoins, who will lead the team in developing a USD-backed stablecoin, set to launch later this year. This move aims to bridge the gap between blockchain and traditional finance, providing a reliable digital currency for institutional customers.

- *Institutional Adoption*: The acquisition and stablecoin initiative demonstrate Ripple's commitment to driving institutional adoption of blockchain technology and digital assets. With its expanded regulatory footprint and enterprise solutions, Ripple is poised to facilitate the growth of the token economy.

- *Leadership and Expertise*: Jack McDonald brings over three decades of experience in investment banks, asset managers, financial services, and fintech to lead the stablecoin team. His expertise will be instrumental in guiding Ripple's stablecoin strategy and bringing the product to market.

- *Strategic Acquisitions*: The acquisition of Standard Custody follows Ripple's purchase of Metaco in May 2023, highlighting the company's dedication to advancing digital assets' significance and breadth. Ripple remains focused on leveraging its strong financial position to pursue strategic acquisitions and solidify its leadership in the enterprise blockchain space.