Renowned crypto analyst Jack Straw has proposed the idea that XRP could potentially replace the need for U.S. dollars in Japan. Straw made this statement in light of Ripple’s recent partnership with HashKey DX, which aims to introduce XRP Ledger-based solutions to the Japanese market. This collaboration, supported by the SBI Group, will initially focus on providing supply chain solutions for the finance industry using the XRPL blockchain.
The use of blockchain technology in supply chain finance has gained momentum in recent years as companies address security concerns. According to a recent research report, the market impact of blockchain is projected to grow from $360 million to $13.4 billion by 2030. Ripple aims to capitalize on this market by leveraging HashKey DX’s supply chain finance product, which currently includes 4,300 suppliers and collaborates with 23 banks. Since its launch in 2019, this product has facilitated over $7 billion in trade volume.
Having already gained traction in China, Ripple, in partnership with HashKey DX, plans to introduce this product to the Japanese market. The XRPL blockchain will power the supply chain finance product, with the SBI Group being the first company in Japan to utilize it. It is worth noting that the SBI Group introduced an XRP-based cross-border payment service last September.
In light of these developments, crypto expert Jack Straw believes that the mass adoption of XRPL in Japan has already begun. He suggests that this adoption will give Japan more flexibility with its local currency, the Yen. Straw goes on to speculate that XRP could serve as a liquidity source, potentially replacing the U.S. dollar in Japan’s currency exchange. He believes that this could also apply to other countries engaged in trade with Japan through a new trading system. Additionally, Straw states that the forthcoming XRP stablecoin will facilitate the digital movement of funds.
Straw concludes by expressing his expectation that Japan’s de-dollarization process will accelerate as the country begins to sell off its dollars in exchange for gold. It is important to note that the opinions expressed in this article are Straw’s personal views and should not be considered financial advice.
Disclaimer: This article is for informational purposes only and should not be regarded as financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.