Ripple, a leading player in the cryptocurrency market, has made a significant move towards launching its USD-backed stablecoin. The company has appointed Jack McDonald, CEO of Standard Custody, as its Senior Vice President (SVP) of Stablecoins. McDonald will lead Ripple's stablecoin team and oversee the launch of the company's stablecoin, expected later this year.

McDonald brings over 30 years of experience in the financial sector, including asset management, digital assets, and investment banking. His expertise will be invaluable in bridging the gap between traditional finance and blockchain technology. Ripple's stablecoin aims to provide more liquidity to the XRP Ledger's native decentralized exchange (DEX) and connect traditional finance with blockchain technology.

In addition to McDonald's appointment, Ripple has finalized its acquisition of Standard Custody & Trust Company, a deal that has been in the works since February 2024. The acquisition received approval from the New York State Department of Financial Services (DFS) and marks Ripple's second major acquisition in one year, following the purchase of Metaco in May 2023.

Ripple's CEO, Brad Garlinghouse, welcomed McDonald to the team and expressed excitement about the company's stablecoin initiatives. Garlinghouse also highlighted Ripple's completion of two major acquisitions in one year, demonstrating the company's commitment to expanding its reach in the cryptocurrency market.

This development signals Ripple's dedication to launching its stablecoin and expanding its presence in the market. With McDonald's expertise and the acquisition of Standard Custody, Ripple is poised to make a significant impact in the cryptocurrency space.