Ripple makes a major push toward launching its USD-backed stablecoin following the appointment of Standard Custody CEO Jack McDonald as its Senior Vice President (SVP) Stablecoins.
In an exciting development, Ripple has appointed Standard Custody CEO Jack McDonald as Senior Vice President (SVP) Stablecoins.
Ripple made this known in a press release today while announcing the acquisition of Standard Custody & Trust Company. Despite the appointment, Ripple disclosed that McDonald will continue to fulfill his duties as CEO of Standard Custody.
The development comes over two months after Ripple announced plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year.
According to Ripple, the upcoming stablecoin will help bridge the gap between traditional finance and blockchain while bringing more liquidity to the XRPL’s native decentralized exchange (DEX).
Ripple to Leverage McDonald’s Expertise for its Stablecoin Launch
McDonald’s appointment holds immense significance to Ripple, given his wealth of experience in the financial sector. According to Ripple, McDonald boasts over 30 years of experience in various financial fields, including asset management, digital assets, and investment banking.
Consequently, he is expected to use his vast financial expertise to lead Ripple’s stablecoin team and launch the company’s stablecoin into the market later this year. McDonald disclosed this in an X post today.
Very excited to share that as part of the deal close, I am joining @Ripple as the SVP of Stablecoins to lead the team bringing Ripple’s stablecoin to market later this year (though remaining CEO of Standard Custody as well)! https://t.co/qIWAeRJ8ll
— Jack McDonald (@_JackMcDonald_) June 11, 2024
In response to the development, Ripple CEO Brad Garlinghouse welcomed McDonald to the stablecoin team, emphasizing his familiarity with the XRP Ledger. The Ripple CEO is excited that McDonald will lead the company’s stablecoin initiative.
Furthermore, Garlinghouse also expressed excitement about Ripple’s acquisition of Standard Custody, an initiative that has been in the works for several months.
Ripple Completes Standard Custody Acquisition
Recall that Ripple announced plans to acquire Standard Custody in February 2024. Despite finalizing the agreement, Ripple could not complete the acquisition as both parties waited for approval from the New York State Department of Financial Services (DFS).
In its recent announcement, Ripple said it had received the necessary approval to acquire Standard Custody and has finalized the deal.
With the Standard Custody deal finalized, Garlinghouse emphasized that Ripple completed two major acquisitions in one year, including Metaco.
2 major acquisitions in ~1 year under Ripple’s belt with Metaco and Standard Custody, and a big welcome @_JackMcDonald_! Jack is no stranger to the XRPL ecosystem (and to me!) – thrilled to have him join team @Ripple, leading our stablecoin initiatives. https://t.co/1y6i1OtK6z
— Brad Garlinghouse (@bgarlinghouse) June 11, 2024
Notably, Ripple acquired Metaco in May 2023, allowing the former to onboard institutional clients for its payment solutions.
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