Renowned crypto analyst Jack Straw has put forward the idea that XRP could potentially replace the need for US dollars in Japan. Straw voiced this opinion following Ripple’s recent collaboration with HashKey DX to introduce XRP Ledger-based solutions in the Japanese market, as reported by The Crypto Basic. In partnership with the Japanese financial giant SBI Group, Ripple aims to launch supply chain solutions for the finance industry utilizing the XRPL blockchain.
The role of blockchain in supply chain finance has gained prominence in recent years as companies address security concerns. A research report predicts a significant increase in the impact of blockchain on the market, with its growth projected to reach $13.4 billion by 2030, up from $360 million. Ripple plans to enter this market by leveraging HashKey DX’s supply chain finance product, which currently involves 4,300 suppliers and collaborates with 23 banks. Since 2019, the product has facilitated over $7 billion in trade volume.
Having already gained traction in China, Ripple, in collaboration with HashKey DX, aims to introduce the product to the Japanese market. The XRPL will power this product, with SBI Group leading the way in Japan’s adoption of it. It is worth noting that SBI Group introduced an XRP-based cross-border payment service in September of last year.
In light of this upcoming development, crypto expert Jack Straw argues that Japan’s mass adoption of XRPL has begun. He further suggests that this move would provide Japan with greater flexibility in terms of its local currency, the Yen. Straw speculates that XRP could serve as a liquidity source, potentially replacing the US 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. According to Straw, such a move would reduce Japan’s reliance on Swift and increase its dependence on the XRP Ledger. He also mentions that the future introduction of the XRP stablecoin would facilitate the digital movement of funds.
Straw states, “Now, we can expect the de-dollarization process to speed up in Japan as they begin the process of selling their dollars for gold.” However, it is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are solely those of the author and do not reflect the opinion of The Crypto Basic. It is recommended that readers conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.