The partnership between Ripple and HashKey DX is a strategic move to tap into the booming Japanese supply chain finance market. According to a recent study, the role of blockchain in supply chain finance will grow from $360 million to $13.4 billion by 2030.
Ripple intends to replicate this success in Japan by introducing its HashKey DX supply #chain finance product, which has already been successful in China with over $7 billion in transactions. This initiative is in line with Ripple's broader goal of driving #XRP Ledger adoption and strengthening its position in the global financial ecosystem.
Jack Stroh argues that XRP can replace the US dollar in Japan based on several key factors. He argues that Japan has already begun to adopt XRPL-based solutions, citing that SBI Group introduced XRP-based cross-border payment services last September.
According to Straw, the move shows Japan's willingness to explore alternatives to the traditional banking system. He also suggests that XRP could provide an alternative source of liquidity to the dollar in Japanese foreign exchange transactions, potentially reducing reliance on the SWIFT network.
If XRP replaces the US dollar in the Japanese foreign exchange market, it could have a significant impact on the Japanese economy and global trade relations.
Jack Straw believes that such a move would accelerate Japan's dedollarization process and lead to the sale of dollar reserves into other assets such as gold. In addition, the introduction of a stable XRP coin could facilitate the digital movement of funds and further reduce Japan's reliance on the traditional banking system.
Although speculative, Jack Straw's predictions offer interesting possibilities for the future of the Japanese economy. If the #Ripple initiative gains traction in the Japanese market, it could lead to significant changes in the circulation of the Japanese currency.
As the Japanese yen's exchange rate against the U. S.
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