Ripple appoints new Senior Vice President for stablecoin launch following acquisition of Standard Custody

Ripple is taking a significant step towards launching its USD-backed stablecoin with the appointment of Jack McDonald, the CEO of Standard Custody, as its Senior Vice President (SVP) Stablecoins.
In a thrilling development, Ripple has named Jack McDonald, the CEO of Standard Custody, as its Senior Vice President (SVP) Stablecoins.
This announcement was made in a press release today along with the news of Ripple’s acquisition of Standard Custody & Trust Company. Despite this new role, McDonald will continue to serve as the CEO of Standard Custody.
This move comes after Ripple revealed its plans to introduce a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year.
Ripple believes that this upcoming stablecoin will help bridge the gap between traditional finance and blockchain, while also providing more liquidity to the XRPL’s native decentralized exchange (DEX).
McDonald’s appointment is crucial for Ripple as he brings over 30 years of experience in various financial sectors, including asset management, digital assets, and investment banking. Ripple expects him to leverage this expertise to lead the stablecoin team and launch the stablecoin later this year.
Ripple CEO, Brad Garlinghouse, welcomed McDonald to the stablecoin team, highlighting his knowledge of the XRP Ledger. Garlinghouse is excited for McDonald to spearhead the stablecoin initiative.
Additionally, Garlinghouse expressed enthusiasm about Ripple’s successful acquisition of Standard Custody, which has been in the works for several months.
Ripple had announced its intention to acquire Standard Custody in February 2024. After receiving approval from the New York State Department of Financial Services (DFS), Ripple has completed the acquisition.
Garlinghouse emphasized that with the Standard Custody deal finalized, Ripple has successfully completed two major acquisitions in one year, including Metaco.
Ripple acquired Metaco in May 2023, enabling the company to onboard institutional clients for its payment solutions.
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