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Versan Aljarrah highlights that XRP, through its decentralized framework, could bridge different government payment systems for cross-border settlements. He also suggests that XRP and Stellar (XLM) may work together in a dual-currency system, with XRP handling institutional transactions. The potential for XRP to replace the U.S. dollar as a global reserve currency has been a topic of interest in the financial world. Versan Aljarrah, the founder of Black Swan Capitalist, provided a detailed examination of this issue today. Can Ripple’s XRP Replace the U.S. Dollar? In an article on X, Aljarrah began by highlighting the decline of the U.S. dollar in purchasing power and liquidity. He pointed out that “currency cycles come to an end” and noted that the world’s reserve currency may no longer maintain that role. As liquidity in the dollar dwindles, institutions and governments are increasingly looking for alternatives for a medium of exchange and store of value. According to Aljarrah, the key question here is to “follow the money” and observe where institutions are directing resources. One such direction is the integration of blockchain technology in international banking. SWIFT, the global standard for financial messaging services, is reportedly moving toward Ripple’s technology, reported CNF. Aljarrah cites the involvement of two former SWIFT executives in Ripple as evidence of this shift. In his words, “this alliance can only indicate a strategic shift towards adopting Ripple’s technology.” This suggests that XRP may soon play a critical role in SWIFT’s operations. Furthermore, global financial organizations like the International Monetary Fund (IMF), Bank for International Settlements (BIS), and World Bank are exploring crypto and distributed ledger technologies. Aljarrah emphasized these bodies are also considering Ripple’s XRP for cross-border payment needs, per the CNF report. He stated that XRP, through its decentralized framework, could serve as a bridge between different government…

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Filed under: News - @ October 23, 2024 1:23 pm