SBI and Startale Join Open Standard to Pilot Yen-Dollar Stablecoin Settlement

SBI Holdings and Startale Group said on October 16 that they have joined Open Standard, the alliance behind the U.S. dollar stablecoin Open USD ($OUSD), and will explore a pilot linking $OUSD with JPYSC, the yen-denominated trust-type stablecoin issued by SBI Shinsei Trust Bank, according to the companies’ announcement. The two firms frame the move as a first step toward frictionless yen-dollar settlement conducted onchain and in real time.

JPYSC is a trust-backed stablecoin structured to comply with Japan’s Payment Services Act. $OUSD is the dollar stablecoin at the center of Open Standard’s effort to build a common settlement layer for the onchain economy. Connecting the two would give institutions a regulated route to move between the world’s two most-traded currencies without traditional foreign-exchange settlement rails.

What the Pilot Would Connect

Open Standard launched in June 2026 with founding partners Coinbase, Mastercard, Shopify, Stripe, and Visa. The alliance now counts more than 200 financial institutions, fintechs, and banks among its signatories, and $OUSD has already gone live onchain, which the companies say provides the foundation for interoperability work with JPYSC.

The announcement covers only a pilot exploration. No commercial service, production settlement, or trading activity is starting, and SBI and Startale have not set a launch date. The companies said technical feasibility, regulatory considerations, and cost benefits still need to be validated.

SBI’s Stablecoin Push in Asia

The move extends an existing stablecoin footprint. SBI Group was the first in Japan to offer the dollar stablecoins USDC and RLUSD, and Startale has built out JPYSC’s real-world uses, including Japan’s first corporate bond paying interest and principal in the yen stablecoin. In July 2026, SBI Global Asset Management, DigiFT Tech, and Startale also demonstrated JPYSC-powered settlement for tokenized securities.

“Our participation in Open Standard and exploration of a proof of concept for interoperability between $OUSD and JPYSC represent an important step toward achieving this goal,” SBI Holdings chairman and president Yoshitaka Kitao said, linking the effort to the group’s “SBI APAC Digital Economic Zone” vision.

What Happens Next

By joining Open Standard, SBI and Startale position JPYSC for deeper integration with global stablecoin infrastructure, including the network behind Open Standard’s $OUSD launch for Stripe businesses. The companies said they will keep working with Open Standard’s partner network within applicable regulatory frameworks while the pilot remains at the exploration stage.