Versan Aljarrah, founder of Black Swan Capitalist, has revisited a fundamental economic principle: the three core functions of money. He has highlighted a growing imbalance within the current monetary system and suggested an emerging realignment in how value and exchange are defined.
Aljarrah posits that the U.S. dollar, once considered the ultimate store of value, no longer fulfills this role in the global economy. Instead, he identifies gold, XRP, and stablecoins as emerging forces, each now assuming one of money’s traditional functions.
Money has three roles: medium of exchange, unit of account, and store of value. The dollar is no longer a true store of value. $Gold is reclaiming the store of value, $XRP is the new medium of exchange, and stablecoins act as the unit of account.
This is where we're heading. pic.twitter.com/QpCxWiQNv2
— Black Swan Capitalist (@VersanAljarrah) November 12, 2025
Gold, XRP, and Stablecoins in a Changing Landscape
Aljarrah asserts that gold is reestablishing itself as the world’s store of value, a position it held for centuries before the dominance of fiat currencies. This claim reflects the growing confidence among investors seeking protection against inflation and currency depreciation. With global economic uncertainty and mounting national debts, gold’s return to prominence symbolizes a search for stability outside government-backed money.
In contrast, XRP was highlighted as the emerging medium of exchange in this new framework. Its efficiency in cross-border transactions and capacity to bridge different fiat currencies through blockchain technology position it as a viable tool for real-time global settlements. The shift toward digital assets that facilitate liquidity and interoperability reflects a broader move toward decentralization and utility-driven adoption, particularly within institutional finance.
Stablecoins, Aljarrah noted, could serve as the modern unit of account — instruments pegged to traditional currencies yet operating within digital ecosystems. Their role bridges the divide between the predictability of fiat and the technological advantages of blockchain, suggesting that they might anchor pricing and contracts in the digital economy.
A Division Between Monetary Classes
The accompanying video expanded on this theme by illustrating how economic divides may deepen as fiat currencies lose value. The speaker described an emerging “bifurcation” in which individuals and institutions increasingly use gold or other commodities to preserve purchasing power, while everyday transactions remain dependent on fiat money.
This growing separation was compared to what is already visible across developing regions in Latin America and Asia, where citizens rely on government-issued currencies for daily needs while wealthier individuals secure assets tied to tangible or decentralized value. The commentary also noted similar strains across Western economies, including the United Kingdom, France, and Italy, where stagnant growth and inflation are eroding the foundations of traditional financial systems. For the United States, the implications are equally significant, with concerns that a substantial portion of its population remains unprotected against the dollar’s ongoing depreciation.
Toward a Redefined Monetary Future
Aljarrah’s post outlines a vision of monetary evolution in which gold, XRP, and stablecoins collectively replace the singular dominance of fiat currency. His perspective reinforces the view that technological and structural shifts are accelerating the transition toward a multipolar financial system — one in which value, exchange, and accounting are distributed across both tangible and digital assets.