On the 16th, SBI Holdings and Startale Group announced their participation in the Open Standard initiative to promote the provision and adoption of the USD-pegged stablecoin 'Open USD (OUSD)'. They are considering a pilot project for interoperability between the yen-denominated trust-type stablecoin 'JPYSC' issued domestically and OUSD.
In their announcement, both companies highlighted the rapid development of on-chain financial infrastructure, including stablecoin-based settlements, following the enactment of the GENIUS Act in the United States. They also emphasized that in Japan, SBI and Startale are working to expand the use of JPYSC and develop a trading platform for institutional investors to advance the practical application of on-chain finance.
Given this context, they decided to join the Open Standard initiative, which was launched in June 2026 with participation from over 200 global companies. They believe that enhancing the interoperability between JPYSC and OUSD will contribute to more efficient yen-USD settlements and broader use of stablecoins in various on-chain financial sectors.
Moving forward, they aim to conduct a pilot project for the interoperability of JPYSC and OUSD, contributing to the improvement of international liquidity of yen-denominated assets.
Yoshitaka Kitao, Chairman and CEO of SBI Holdings, emphasized that considering the construction of the 'SBI APAC Digital Economic Zone' that the SBI Group aims for, examining this pilot project is a crucial step to ensure smooth exchangeability between yen-denominated and USD-denominated stablecoins.
Additionally, Sota Watanabe, CEO of Startale Group, expressed that gaining the opportunity to explore the interoperability of JPYSC and OUSD is 'significant' and showed optimism that it will lead to broader applications in financial services.
In recent years, the efforts of major financial institutions both domestically and internationally regarding the utilization of stablecoins have been accelerating. In Japan, a jointly issued stablecoin by the three megabanks is gaining attention, with a target issuance set for fiscal year 2026.
Additionally, over 20 financial institutions worldwide, including Goldman Sachs and Mitsubishi UFJ Bank, announced last month the establishment of a new company focused on providing US dollar-pegged stablecoins by late 2026. The intended use cases are broad, covering corporations, institutional investors, and individuals, and include international remittances and digital asset settlements.
There is also a plan to expand the issuance to stablecoins denominated in the currencies of the G7 countries, prioritizing the euro, with a service launch expected in early 2027.
Reference: Announcement
Image: Quoted from the announcement
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