Japanese financial services group SBI Holdings and Web3 infrastructure developer Startale Labs have officially become members of Open Standard, a global consortium supporting the US dollar-pegged stablecoin OUSD.
Open Standard expands its global reach
Open Standard is endorsed by leading financial and technology firms, including Coinbase, Visa, BlackRock, and Mastercard. The initiative was created to unify digital asset settlement infrastructure, providing a common set of standards for stablecoin transactions and interoperability.
As part of this new partnership, SBI Holdings and Startale Labs plan to conduct a proof-of-concept (PoC) focused on establishing connectivity between OUSD and JPYSC, a trust-based yen stablecoin issued by SBI Shinsei Trust Bank.
Their collaboration seeks to modernize traditional foreign exchange mechanisms by developing secure, always-on cross-border settlement networks for transactions between the Japanese yen and the US dollar.
Mini dictionary: Open Standard is a global initiative focused on building interoperable frameworks for stablecoin settlements, enabling seamless token transfers across banks and fintech platforms worldwide.
Open Standard’s reach has grown from over 140 participants in June to more than 200 financial and fintech institutions, with a model featuring fee-free minting and revenue-sharing among platforms.
Regulatory impetus: The US GENIUS Act
The companies highlighted that this cross-border proof-of-concept takes place as international on-chain finance evolves due to new regulation in the United States. The US GENIUS Act, which recently set out nationwide rules for stablecoin issuance and reserves, has accelerated development and attracted institutional players to the sector.
Increased involvement from banks and fintech firms has prompted market players to experiment with settlement flows using both dollar- and yen-backed tokens, potentially making cross-border settlement faster and simpler. For SBI Holdings, which has previously supported major dollar-based stablecoins such as USDC and RLUSD within Japan, this alliance represents a continuation of its efforts in digital asset market development.
Despite this momentum, SBI and Startale stated that their current focus remains on planning and experimentation. There is no confirmed timeline for live commercial transactions between OUSD and JPYSC at this stage.
Technical and regulatory questions remain
The Open Standard initiative is built on the premise that unified blockchain-based settlement could offer significant advantages over existing FX networks. If proven feasible, the framework would enable financial institutions to process yen–dollar settlements on blockchain rails.
Among the expected benefits are continuous operation, faster transaction speeds, and improved efficiency. However, regulatory requirements, cost structures, and the technical scalability of the new platform have not yet been validated in live settings.
| Aspect | Open Standard Model | Traditional FX Settlement |
|---|---|---|
| Availability | 24/7, blockchain-based | Limited, working hours |
| Settlement Speed | Real-time (if implemented) | 1–2 business days typical |
| Interoperability | Multi-stablecoin, cross-border | Primarily fiat currencies |
| Fee Model | No minting fees, platform revenue sharing | Variable, usually per transaction |
The interoperability project between OUSD and JPYSC is still in the PoC phase, and no official commercial launch or cross-border transaction network is operational yet.
