On June 11, Ripple announced that it has completed the acquisition of New York-based crypto trust company Standard Custody & Trust Company, adding a limited-purpose trust company regulated by the New York Department of Financial Services to its licensing portfolio. Additionally, Ripple announced the appointment of Jack McDonald as senior vice president of stablecoins, while he remains the current CEO of Standard Custody. Previously, Ripple said that once the acquisition is approved, Ripple will be able to conduct cryptocurrency custody and settlement operations.