Key Takeaways:
- Ripple Labs completed its acquisition of Standard Custody on June 11, aiming to introduce a US dollar stablecoin and advance real-world asset tokenization.
- Jack McDonald, CEO of Standard Custody, will become Ripple’s senior vice president of stablecoins.
- The acquisition aligns with Ripple’s strategic expansion into institutional crypto custody, a market expected to reach $10 trillion by 2030.
Ripple Labs has completed its acquisition of Standard Custody, a digital asset custodian, as of June 11.
This move is part of Ripple’s strategy to introduce a US dollar stablecoin and advance in real-world asset tokenization.
Earlier this year, Ripple announced its intent to acquire @StandardCustody, and today, we're pleased to share that the acquisition is now complete!
— Ripple (@Ripple) June 11, 2024
Learn how this deal further enables Ripple to deliver on building the Internet of Value:https://t.co/pS3QxeOOWm
Jack McDonald, CEO of Standard Custody, will also serve as Ripple’s senior vice president of stablecoins.
Standard Custody’s approval by the New York Department of Financial Services is a significant asset for Ripple due to the stringent regulatory oversight.
This acquisition follows Ripple’s 2023 purchase of Metaco for $250 million, reflecting Ripple’s confidence in the growing institutional crypto custody market, projected to reach $10 trillion by 2030.
The tokenization of real-world assets, a focus for Ripple, Chainlink, and Algorand, could potentially reach $800 trillion if all global capital assets are tokenized.
Ripple Closes Standard Custody Acquisition and Announces Jack McDonald as SVP Stablecoins
— š¯—•š¯—®š¯—»š¯—øXRP (@BankXRP) June 11, 2024
Ripple stablecoin will be issued on #XRP Ledger to help bring more liquidity to XRPL native DEX
It will use both the stablecoin and XRP in its payments solution https://t.co/5G7CPWfcJ6 pic.twitter.com/DBQf4iGR4B
A related pilot program by the Depository Trust and Clearing Corporation (DTCC), involving major banks like JP Morgan and BNY Mellon, tested real-world asset tokenization using Chainlinkā€™s CCIP protocol.
The program highlighted the benefits of blockchain tokenization, including automated data management and transparent APIs, providing insights for future banking applications.
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