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XRP Senior Wall Street analyst Rob Cunningham puts forward a new argument: Japan could become the core of the transformation of the global monetary system
Senior Wall Street analyst Rob Cunningham made an argument on social media X that puts Japan at the center of potential changes in global currency, collateral and settlement infrastructure. His analysis questions whether Japan's participation in XRP goes beyond mere investment and reflects years of preparation for changes in the financial system.
"Did Japan just invest in XRP, or did it quietly build the 'currency buffer' needed for the largest collateral, currency and settlement transformation in modern history?" Cunningham wrote.
The yen carry trade is linked to demand for dollar stablecoins
Cunningham linked this argument to Japan's management of the yen carry trade and pointed out that the country may repurchase some of its huge overseas asset positions. He believes that this move may coincide with stronger demand for U.S. Treasury bonds through U.S. dollar stablecoins that comply with the framework of the GENIUS Act.
At the same time, he said that Japan has established financial infrastructure connected to Ripple through SBI Group.
SBI's key role in the Ripple ecosystem
Cunningham pointed out that SBI's deep involvement covers real-time payments, international remittances, digital asset custody and trading, XRP shareholder rewards, enterprise-level XRP treasury adoption, tokenization initiatives and the development of XRPL (XRP ledger).
He believes this provides Japan with many institutional options involving Ripple, XRP and XRP ledgers. Cunningham also emphasized that SBI's exposure to Ripple should be distinguished from its mere holding of XRP. He noted that SBI holds a 9 percent stake in Ripple, which represents ownership interest in the company's broader business entities.
"SBI's economic exposure also goes well beyond the single market value of XRP," Cunningham wrote.
He views Ripple's payment operations, custody services, stablecoins, prime brokerage operations, treasury technology, tokenization infrastructure, intellectual property and corporate shareholding as part of his risk exposure. He also cited Ripple's recent announcement of approximately $40 billion in valuation funding data.
Six-step structure of Cunningham's transformation argument
Cunningham then proposed a six-step structure that explains how he views how the unwind of the yen carry trade interacts with the financial system:
- Step 1: Revalue gold to market prices to absorb confidence risks.
- Step 2: Use 50-year treasury bond trust bonds to resolve maturity mismatch risks.
- Step 3: Establish treasury bonds facilities and reduce interest rates to absorb market risks.
- Step 4: Introduce stablecoins. Cunningham said that stablecoins can absorb the pressure from the issuance of short-term government bonds.
- Step 5: XRP becomes a key component. The rise in XRP prices is expected to reduce settlement friction.
- Step 6: Coordination and cooperation between different participants.
"The book value of gold is revalued to market prices to absorb confidence risk," Cunningham wrote,"50-year Treasury trust bonds absorb maturity risk."
Conclusion: Japan's dual positioning
Cunningham concluded that during this potential transformation process, Japan may occupy two positions: on the one hand, it unlocks some positions in the existing dollar carry trade structure, and on the other hand, it already has a financial infrastructure designed around faster digital value settlement.
Cunningham's argument thus places the SBI, Ripple, XRP and XRP ledgers in a larger picture of currency transformation involving Japan, U.S. Treasuries, gold, stablecoins, and global settlement infrastructure.
