Experts Claim XRP Can Replace Demand for Dollars in Japan

Widely followed cryptocurrency commentator Jack Straw has suggested that XRP could replace demand for the U.S. dollar in Japan.

Straw expressed this view in the wake of Ripple’s latest partnership with HashKey DX, which The Crypto Basic recently reported aims to launch XRP Ledger-based solutions in the Japanese market.

Ripple is driving this initiative together with Japanese financial giant SBI Group. The collaboration will initially launch supply chain solutions for the financial industry powered by the XRPL blockchain.

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XRP Ledger’s influence in Japan continues to grow

It is worth noting that over the years, the role of blockchain in supply chain finance has attracted attention due to security issues. A recent research report predicts that blockchain’s impact on the market will increase significantly, growing from $360 million to $13.4 billion by 2030.

Ripple intends to enter this market through its supply chain finance product utilizing HashKey DX. The product currently includes 4,300 suppliers and works with about 23 banks. Furthermore, transaction volumes have exceeded $7 billion since 2019.

It is worth noting that this product has gained some attention in China. Now, Ripple will join forces with HashKey DX to promote its promotion in the Japanese market. Apparently, XRPL will drive this product, and SBI Group will be the first company in Japan to utilize it.

Remember, last September, the Japanese payments giant launched an XRP-based cross-border payments service.

XRP replaces USD on Japanese exchanges

In light of this important upcoming development, cryptocurrency expert Jack Straw believes that mass adoption of XRPL in Japan has already begun. He further suggested that the move would allow Japan greater flexibility with its local currency, the yen.

Furthermore, he speculated that XRP will become a source of liquidity capable of replacing the U.S. dollar in Japanese currency exchanges. Straw believes this will apply to other countries that trade with Japan through the new trading system.

In his view, such a move would reduce Japan’s reliance on SWIFT and increase its reliance on the XRP Ledger. He also added that the upcoming XRP stablecoin will facilitate the digital flow of funds.

“Now, we can expect Japan’s de-dollarization process to accelerate as they begin to exchange dollars for gold,” suggested Jack Straw.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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