Jack McDonald is set to maintain his position as CEO of Standard Custody in conjunction with his new role as senior vice president of stablecoins at Ripple (CRYPTO:XRP), following Ripple Labs' recent acquisition of the digital asset custodian.

The acquisition, finalised on June 11 and initially announced earlier this year, marks a key development in Ripple's strategy for the introduction of a U.S. dollar stablecoin and its broader ambition for the tokenisation of real-world assets.

This move emphasises Ripple's the value of Standard Custody's licensing, especially its regulatory approval from the New York Department of Financial Services (NYDFS), known for its stringent regulatory standards for digital assets.

Through this acquisition, Ripple aims to bolster its infrastructure and regulatory compliance, underlining its commitment to expanding its footprint in the digital asset space.