SBI Holdings and Startale Group have joined Open Standard, an industry alliance promoting the adoption of Open USD (OUSD), a U.S. dollar-denominated stablecoin designed for settlement. The companies plan to explore interoperability between OUSD and JPYSC, a yen-denominated trust-type stablecoin issued by SBI Shinsei Trust Bank, as they seek to improve cross-border transactions between Japan and international markets.
The collaboration aims to establish a connection between yen- and dollar-denominated stablecoins, potentially enabling faster and more efficient on-chain settlement between the two currencies. The initiative follows OUSD’s public blockchain launch and reflects growing efforts by financial institutions to integrate regulated digital currencies into global payment and settlement infrastructure.
Open Standard brings together more than 140 companies, including Visa, Stripe, Mastercard, BlackRock and Coinbase. The alliance, launched in June 2026, aims to promote OUSD as a common settlement layer for the on-chain economy.
SBI Advances Cross-Border Digital Finance Strategy
SBI Holdings is pursuing a broader strategy to develop an Asia-Pacific digital economic network focused on transactions across borders and currencies. The company views the ability to convert between yen- and dollar-denominated stablecoins as an important component of that effort.
SBI Holdings Chairman, President and Chief Executive Yoshitaka Kitao indicated that interoperability between the two currencies would support the group’s ambition to establish an SBI APAC Digital Economic Zone. He also noted that SBI Group already offers U.S. dollar stablecoins USDC and RLUSD in Japan.
The proposed connection between OUSD and JPYSC could expand the options available for moving value between Japanese financial markets and overseas blockchain-based platforms. However, the companies have not announced a completed integration or confirmed when a live conversion service could become available.
The initiative comes amid broader developments in regulated stablecoin infrastructure. The passage of the U.S. GENIUS Act has contributed to international interest in establishing clearer frameworks for stablecoin issuance and use. Financial institutions and technology companies are increasingly exploring how digital currencies can support payments, asset transfers, and financial market operations.
Earlier Tokenization Work Supports the Initiative
The partnership builds on previous efforts by SBI-related businesses and Startale to develop blockchain-based financial services.
In July 2026, SBI Global Asset Management, DigiFT Tech and Startale announced a proof of concept focused on settlement and distribution payments for tokenized securities. The initiative was designed with potential future applications for JPYSC in mind.
Tokenized securities represent traditional financial assets through digital tokens recorded on blockchain networks. Their adoption can create demand for settlement currencies that operate within the same digital infrastructure, making stablecoin interoperability an important consideration for institutions developing these markets.
Startale has also been working to expand JPYSC’s potential applications and develop infrastructure for institutional trading. Connecting the yen-denominated stablecoin with OUSD could help extend its reach beyond domestic use cases and provide another mechanism for accessing international on-chain markets.
By exploring interoperability through Open Standard, SBI Holdings and Startale are seeking to connect Japan’s yen-based digital financial infrastructure with a wider network of dollar-based blockchain settlement services.
SBI Holdings and Startale Group have joined @openstandard.
Together we are advancing interoperability between JPYSC, the trust-type yen stablecoin issued by SBI Shinsei Trust Bank, and Open USD, a shared dollar stablecoin for global financial activity. https://t.co/1DodTPZsPB
— Startale (@StartaleGroup) October 16, 2026
Startale Sees Potential for Global On-Chain Access
Startale Group Chief Executive Sota Watanabe indicated that the companies intend to develop practical applications alongside SBI and other Open Standard participants. The initial focus will be a pilot examining interoperability between JPYSC and OUSD.
The proposed work could help Japanese assets and financial services connect with global blockchain-based markets. If implemented successfully, the arrangement could provide an alternative mechanism for transferring value between yen and dollars, alongside established foreign exchange and banking channels.
Direct on-chain conversion could potentially reduce settlement friction and improve access to digital financial services. Its practical benefits, however, will depend on the technical design, liquidity arrangements, compliance requirements, and participation of financial institutions.
Regulatory Compliance Remains Central
The initiative remains at an exploratory stage, with no confirmed timeline for a full commercial rollout. Both companies intend to pursue interoperability within applicable regulatory frameworks.
Important considerations include the legal treatment of each stablecoin, the safeguards governing issuance and redemption, and the ability to maintain sufficient liquidity for conversions. Technical compatibility alone would not guarantee seamless transfers or widespread adoption.
The next milestone will be determining whether OUSD and JPYSC can support reliable, compliant, and commercially useful cross-border settlement, potentially strengthening the role of yen-denominated assets in global on-chain finance. Until the pilot produces concrete results, the broader impact on transaction costs, liquidity and institutional adoption remains uncertain.
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