Regulation
Ripple Acquires Standard Custody, NYDFS-Regulated Custodian
According to a June 11 statement, Ripple has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian.
The company initially revealed its intention to acquire the company in February, but today finalized the deal after receiving appropriate regulatory approval.
Guarantees NYDFS license
Ripple said the acquisition brings a New York Department of Financial Services (NYDFS)-regulated trust company to its portfolio, further strengthening the number of licenses it has received in several countries, such as the United States and Singapore.
The move is intended to improve Ripple’s product offerings and support the launch of new initiatives, such as the planned stablecoin. It also strengthens the company’s corporate infrastructure, improving services for institutional clients.
This acquisition is the company’s second largest in the last year, after that acquisition of Metaco, another institutional cryptocurrency custody platform, in May last year. Ripple said:
“Both moves highlight the growing breadth and importance of digital assets; from stablecoins and CBDCs to tokenized real-world assets (RWAs) such as stocks, bonds, commodities, real estate and more.”
The company said it will continue to leverage its strong financial position to pursue further acquisitions and strengthen its leadership in the blockchain space.
Appointed Vice President for Stablecoins
Jack McDonald will continue to serve as CEO of Standard Custody and will also serve as Senior Vice President of Stablecoins. In this role, McDonald will bring his “wealth of knowledge and expertise to help lead the stablecoin team and bring Ripple’s stablecoin to market,” the company said.
The one from Ondulazione plans to launch a dollar-backed stablecoin is in line with the growing demand for this type of digital assets in the market. He stated:
“There is enormous demand for stablecoins that offer trust, stability and utility, and Ripple will leverage its more than decades of experience creating real-world financial solutions for global institutions to address this growing market.”
The unnamed stablecoin will launch on XRP Ledger and Ethereum. However, it has already attracted major regulatory scrutiny from the US Securities and Exchange Commission (SEC). described as an unregistered crypto asset.