Striking claim from a crypto expert: Will XRP replace the dollar?

Cryptocurrency commentator Jack Straw sparked a debate with his claim that #XRP could potentially replace the US dollar in Japan. This bold statement comes at a time when Ripple, in collaboration with HashKey DX, is making great strides in bringing XRP Ledger-based solutions to the Japanese market.

The partnership aims to deliver supply chain finance solutions powered by the XRPL blockchain, with support from Japanese financial giant SBI Group. If Jack Straw's prediction proves correct, this move could significantly affect Japan's financial situation. It could even potentially revolutionize cross-border trade.

Ripple's strategic move into the Japanese market

Ripple's partnership with HashKey DX marks a strategic move to capitalize on Japan's supply chain finance market, which is experiencing rapid growth. A recent research report suggests that blockchain's role in supply chain finance will grow from $360 million to $13.4 billion by 2030.

With the launch of HashKey DX's supply chain finance product, which has already been successful in China with over $7 billion in trade volume, Ripple aims to replicate this success in Japan. This initiative is in line with Ripple's broader goal of encouraging the adoption of the #XRP Ledger and strengthening its position in the global financial ecosystem.

Jack Straw's claim that #XRP could replace the US dollar in Japan is based on several key factors. He argues that Japan has already begun to adopt XRPL-based solutions, citing SBI Group's introduction of an XRP-based cross-border payment service last September. According to Straw, the move is a sign of Japan's willingness to explore alternatives to traditional banking systems. He also thinks XRP could be a source of liquidity to replace the dollar in Japan's foreign exchange transactions, potentially reducing its reliance on the SWIFT network.

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