Japanese financial giant SBI Holdings and Web3 infrastructure developer Startale Group have officially joined Open Standard, the global coalition backing the US dollar-denominated stablecoin OUSD.
Backed by major institutions including Coinbase, Visa, BlackRock, and Mastercard, Open Standard aims to create a unified settlement layer for the digital economy. As part of the new alliance, SBI and Startale will launch a joint proof-of-concept (PoC) experiment to establish interoperability between OUSD and JPYSC, a trust-type yen stablecoin issued by SBI Shinsei Trust Bank.
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The collaboration aims to modernize traditional foreign exchange (FX) mechanisms by introducing faster, more efficient, and 24/7 cross-border settlement rails between the yen and the US dollar.
US GENIUS Act Accelerates Global Stablecoin Frameworks
According to the participating companies, the cross-border initiative comes as global on-chain financial infrastructure matures following the passage of the US GENIUS Act, which established a federal regulatory framework for stablecoin issuance and reserve management.
The legislation has catalyzed broader institutional interest, with banks and fintech firms actively testing how dollar- and yen-denominated tokens can streamline trade settlement. For SBI, the collaboration expands its ongoing involvement with dollar-backed assets, following previous support for tokens like USDC and RLUSD in Japan.
However, both firms stressed that the interoperability project remains strictly in the planning and testing phase. No official launch date has been announced, and commercial transaction rails between JPYSC and OUSD are not yet live.
Open Standard Expands Global Financial Network
Since its concept was announced in June, Open Standard has expanded its network from more than 140 participants to over 200 financial institutions and fintech platforms.
Open Standard also promotes a model that includes fee-free minting and revenue sharing with participating platforms.
Why This Matters
If implemented, the framework could enable institutions to settle yen-dollar transactions using blockchain infrastructure. However, its technical feasibility, regulatory requirements and potential cost efficiencies have yet to be established through testing.
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