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Ripple Gears Up for Stablecoin Launch with New Leadership and Key Acquisition

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Ripple Gears Up for Stablecoin Launch with New Leadership and Key Acquisition

In a strategic move, Ripple has appointed Standard Custody CEO Jack McDonald as its new Senior Vice President (SVP) of Stablecoins. Ripple revealed this in a press release, announcing the acquisition of Standard Custody & Trust Company. Despite his new role, McDonald will continue as CEO of Standard Custody.

This development follows Ripple’s earlier announcement, made over two months ago, regarding plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year. According to Ripple, this stablecoin aims to bridge the gap between traditional finance and blockchain, enhancing liquidity on the XRPL’s native decentralized exchange (DEX).

Related article: Ripple invests $1M in Japan & Korea to boost XRPL innovation

Leveraging McDonald’s Expertise

Ripple sees immense value in McDonald’s extensive experience in the financial sector. McDonald brings over 30 years of expertise in asset management, digital assets, and investment banking. Ripple expects him to lead its stablecoin team and successfully launch the stablecoin into the market by the end of the year. 

McDonald confirmed this news in a post on X (formerly Twitter). Ripple CEO Brad Garlinghouse expressed his excitement over McDonald joining the stablecoin team. He emphasized McDonald’s familiarity with the XRP Ledger and looked forward to his leadership in the stablecoin initiative. Additionally, Garlinghouse shared his enthusiasm for Ripple’s acquisition of Standard Custody, a process that has been underway for several months.

Related article: Ripple’s Strategic XRP Transfers Spark Market Concerns 

Completion Of Standard Custody Acquisition

Ripple had announced plans to acquire Standard Custody in February 2024. However, the completion was pending approval from the New York State Department of Financial Services (DFS). Ripple has now received the necessary approval and finalized the acquisition.

With the Standard Custody deal completed, Garlinghouse highlighted that Ripple has made two significant acquisitions within a year, including Metaco. In May 2023, Ripple acquired Metaco, enabling the company to onboard institutional clients for its payment solutions. These strategic moves underscore Ripple’s commitment to expanding its influence in the financial sector. 

The appointment of Jack McDonald and the acquisition of Standard Custody are pivotal steps toward launching Ripple’s USD-backed stablecoin and, moreover, enhancing its market presence.

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Venice, United States, April 26th, 2024, Chainwire MeWe a Social Network With more than 780,000 Active Users on the Polkadot