Ripple appoints Standard Custody CEO Jack McDonald as Senior Vice President (SVP) Stablecoins in a bold move towards launching its USD-backed stablecoin.
This exciting development was announced today in a press release by Ripple, coinciding with the acquisition of Standard Custody & Trust Company. Despite his new role at Ripple, McDonald will continue to serve as CEO of Standard Custody.
This appointment comes after Ripple revealed its plans to introduce a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year. The aim is to merge traditional finance with blockchain technology and enhance liquidity on the XRPL’s decentralized exchange (DEX).
McDonald’s extensive experience in the financial sector, spanning over 30 years in asset management, digital assets, and investment banking, makes him a valuable asset for Ripple’s stablecoin launch. He is expected to lead the stablecoin team and oversee the market introduction later this year.
Ripple CEO Brad Garlinghouse expressed his excitement about McDonald leading the stablecoin initiative and welcomed him to the team. Garlinghouse also highlighted the completion of Ripple’s acquisition of Standard Custody, a process that had been in progress for several months.
Following the approval from the New York State Department of Financial Services (DFS), Ripple finalized the acquisition of Standard Custody. Garlinghouse noted that this marked the completion of two substantial acquisitions within a year, including the acquisition of Metaco in May 2023.
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