Widely followed crypto commentator Jack Straw has suggested that XRP could replace Japan’s need for U.S. dollars.
Straw expressed this view on X amid Ripple’s latest partnership with HashKey DX to introduce XRP Ledger-based solutions in the Japanese market, as recently reported by The Crypto Basic.
Ripple is pushing this initiative alongside the Japanese financial giant SBI Group. This collaborative effort will first launch supply chain solutions for the finance industry powered by the XRPL blockchain.
XRP Ledger Growing Stronger In Japan
Notably, blockchain’s role in supply chain finance has gained traction over the years as firms tackle security issues. A recent research report forecasts a significant surge in blockchain’s impact on the market, projecting its growth from $360 million to $13.4 billion by 2030.
Ripple intends to penetrate this market by harnessing HashKey DX’s supply chain finance product. The product currently encompasses 4,300 suppliers and collaborates with about 23 banks. Moreover, it has surpassed $7 billion in trade volume since 2019.
Notably, this product has already gained traction in China. Now, Ripple, in alliance with HashKey DX, will facilitate its introduction to the Japanese market. Emphatically, XRPL will power this product, and SBI Group will be the pioneering firm in Japan in utilizing it.
Recall that last September, the Japanese payment giant introduced an XRP-based cross-border payment service.
XRP Replacing USD in Japan Exchanges
In light of this significant upcoming development, crypto pundit Jack Straw argued that XRPL mass adoption in Japan has commenced. He further suggested that this move would give Japan greater flexibility regarding the local currency, the Yen.
Furthermore, he speculated that XRP would serve as a liquidity source capable of replacing the dollar in Japan’s currency exchange moving forward. Straw believes this will apply to other countries engaging in trade with Japan through a new trading system.
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Mass adoption for the #XRP Ledger has began in Japan. This move will give Japan much more breathing room for the Yen.
XRP will provide a liquidity source that can replace the dollar in currency exchange for that country going forward and others who trade with them…
— Jack Straw (@JackStr42679640) April 30, 2024
In his view, such a move would reduce Japan’s dependence on Swift and increase reliance on the XRP Ledger. He added that the forthcoming XRP stablecoin will facilitate the digital movement of their funds.
“Now, we can expect the de-dollarization process to speed up in Japan as they begin the process of selling their dollars for gold,” Jack Straw submitted.
