Ripple has successfully finalized the acquisition of Standard Custody & Trust Company, a fully regulated custodian for digital assets. This strategic move, first announced by Ripple earlier this year, involves the acquisition of a trust company that is under the supervision of the New York Department of Financial Services. With this acquisition, Ripple expands its range of licenses, which now includes close to 40 money transmitter licenses in the United States, a Major Payment Institution License from Singapore, and a Virtual Asset Service Provider registration from Ireland.
Ripple’s next step is to introduce a stablecoin backed by the USD on the XRP Ledger, with the aim of increasing liquidity and strengthening financial applications. This acquisition comes shortly after Ripple’s recent purchase of the Swiss cryptocurrency custody firm, Metaco.
