Ripple Labs yesterday completed the acquisition of Standard Custody, a digital asset custodian.
The purpose of this acquisition, first announced earlier this year, is to support Ripple's plans to introduce a stablecoin pegged to the US dollar and facilitate the tokenization of real-world assets.
Jack McDonald, CEO of Standard Custody, will now also hold the position of senior vice president of stablecoins at Ripple, while continuing to lead Standard Custody.
One of the key features of Standard Custody that attracted Ripple was its regulatory approvals, specifically its licensing from the New York Department of Financial Services (NYDFS).