Ripple Labs completed the acquisition of Standard Custody, a company specializing in digital asset custody with licenses from regulators in the U.S., Singapore, and the EU. This initiative aims to accelerate the launch of Ripple’s stablecoin and promote initiatives related to tokenized real-world assets (RWA).
Ripple Labs announced the completion of the Standard Custody acquisition. This deal is a crucial part of Ripple’s strategy to launch a USD-pegged stablecoin and advance RWA initiatives.
Jack McDonald, CEO of Standard Custody, was appointed Senior Vice President of Stablecoins at Ripple while retaining his current position. According to McDonald, his primary task will be to market the new product, which is scheduled for launch this year.
Ripple representatives emphasized that the acquisition of Standard Custody will strengthen the regulatory standing of their corporate client solutions. Standard Custody is licensed by the New York State Department of Financial Services (NYDFS), which includes around 40 payment provider licenses in the U.S., as well as a license from the Monetary Authority of Singapore (MAS) and registration as a virtual asset service provider (VASP) with the Central Bank of Ireland (CBI).
Recently, Ripple announced plans to launch a USD-pegged stablecoin, intended for use in the company’s payment solutions targeting corporate clients.
