Wall Street veteran analyst Rob Cunningham has presented a thesis on X that places Japan at the center of a potential shift in global currency, collateral, and settlement infrastructure. His analysis questions whether Japan’s involvement with XRP goes beyond investment and reflects years of preparation for changes in the financial system.
“Did Japan merely invest in XRP – or did Japan quietly build the monetary shock absorbers needed to navigate the greatest collateral, currency and settlement transition in modern history?” Cunningham wrote.
He connects the thesis to Japan’s management of the yen carry trade and the possibility that the country could repatriate part of its large foreign-asset holdings. Cunningham believes such a move could coincide with stronger demand for U.S. Treasuries through dollar stablecoins that comply with the GENIUS Act framework.
At the same time, he says Japan has developed financial infrastructure connected to Ripple through SBI.
Did Japan merely invest in XRP – or did Japan quietly build the monetary shock absorbers needed to navigate the greatest collateral, currency and settlement transition in modern history?
As Japan manages the unwind of the yen carry trade and potentially repatriates portions of… pic.twitter.com/PdVEDcpLq5
— Rob Cunningham (@KuwlShow) September 11, 2026
SBI’s Role In Ripple’s Ecosystem
Cunningham points to SBI’s involvement in real-time payments, international remittances, digital-asset custody and trading, XRP shareholder rewards, corporate XRP treasury adoption, tokenization initiatives and XRPL development.
He says this gives Japan significant institutional options involving Ripple, XRP and the XRP Ledger.
Cunningham also separates SBI’s exposure to Ripple from simply holding XRP. He notes that SBI owns 9% of Ripple and says this represents an ownership interest in the company’s wider enterprise.
“SBI’s economic exposure is also broader than the market value of XRP alone,” Cunningham wrote.
He identifies Ripple’s payments operations, custody services, stablecoins, prime brokerage, treasury technology, tokenization infrastructure, intellectual property and corporate holdings as part of that exposure. He also cites Ripple’s most recently reported financing at an approximately $40 billion valuation.
Six Steps In Cunningham’s Transition Thesis
Cunningham then presents a six-step structure for how he believes a yen carry trade unwind could interact with the financial system.
The first step involves revaluing gold to market prices to absorb confidence risk. The second uses 50-year Treasury Trust Bonds to address duration risk. He then proposes Treasury facilities and lower interest rates to absorb market risk.
Stablecoins form the fourth step. Cunningham says they could absorb short-term Treasury issuance. XRP represents the fifth component, with a higher XRP price potentially reducing settlement friction.
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The final step involves coordination between the different participants.
“Gold book entry revalue to market absorbs the confidence risk,” Cunningham wrote. “50-year Treasury Trust Bonds absorb the duration risk.”
He concludes that Japan may occupy two positions during this potential transition. The country could unwind parts of the existing dollar carry trade structure while already possessing financial infrastructure designed around faster digital-value settlement.
Cunningham’s thesis therefore places SBI, Ripple, XRP and the XRP Ledger within a much larger monetary transition involving Japan, U.S. Treasuries, gold, stablecoins and global settlement infrastructure.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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