According to ChainCatcher, Ripple announced that it has completed the acquisition of Standard Custody & Trust Company, a New York crypto trust company. The completion of this acquisition has added a limited purpose trust company regulated by the New York Department of Financial Services to its license portfolio. In addition, Ripple announced the appointment of Jack McDonald as senior vice president of stablecoins, while he remains the current CEO of Standard Custody.

Ripple has stated that once this acquisition is approved, Ripple will be able to conduct cryptocurrency custody and settlement business.