FinTechOn｜SBI Technical Director: Accounting standards are unclear, making it difficult for stablecoins to be adopted in enterprise applications.

The Chief Technology Officer of Japan's financial group SBI Holdings, Lin Ge-fei, shared the development context of "stablecoins, supply chain finance, and asset on-chain" at the 9/2 FinTechON & AFA Summit, pointing out that global financial infrastructure is being redefined. Lin also stated that if enterprises are to truly adopt stablecoins to replace traditional fiat payments, the biggest hurdle is not the technology, but rather accounting standards and regulations.

From 2018 to the dual achievements of 2023

SBI officially entered the cryptocurrency spot trading in 2018 and established an engineering team to fully invest in it, laying the foundation for its entry into blockchain finance. Fast forward to 2023, SBI has unveiled two significant initiatives:

Launch the only "Zero Fee Trading" ( Zero Revolution ) in Japan, causing a sensation in the Japanese investment circle.

SBI's Osaka Digital Exchange (Osaka Digital Exchange) has also launched Japan's first security token (STO) trading market, marking the official transition of the capital market into a new era of on-chain.

2024 license in hand, 2025 SBI assets fully on-chain

In March 2024, SBI successfully obtained approval from Japanese regulatory authorities, becoming the first financial institution in the country to legally operate stablecoin exchange services, officially reaching a high point in the stablecoin market.

In 2025, SBI announced that all online services would be fully on-chain, integrating traditional finance and DeFi into a single digital financial ecosystem. Lin Ge Fei also added that currently, there are $26.5 billion in assets on-chain globally, with an annual market growth rate of up to 72%, and it is estimated that by 2030, the scale will expand 15 times. Although it is still in the early stages, the growth rate is quite impressive.

Accounting regulations become the biggest hurdle for the introduction of stablecoin in enterprise applications.

Later, when the topic shifted to stablecoins, Lin Ge-fei pointed out that if enterprises are to truly adopt stablecoins in place of traditional fiat payments, the key lies not in technology, but in accounting standards and regulations. He emphasized that even with a highly reputable company like SBI, which can attract cooperation from banks or payment platforms, if they want to further introduce stocks or new tokens into the e-commerce market, although the global market will be interested, they still cannot avoid the core challenges of "accounting and regulations."

Lin Ge-fei added that before companies truly implement it, the internal financial industry has already encountered obstacles, with the biggest challenge being the lack of clarity in accounting standards. He cited that even though the Renminbi may be safer than bank deposits, large companies still cannot classify it as a cash-equivalent asset, resulting in only allowing small-scale trials for enterprises, making it difficult to fully implement the application of stablecoins.

The Financial Supervisory Commission and the Bankers Association have begun discussing relevant provisions.

In this regard, Cathay Financial Holdings' Chief Information Officer Wu Jianxing stated that the Financial Supervisory Commission of Taiwan has asked the Bankers Association to discuss relevant provisions and promote a special law for virtual asset services.

Assuming the legislation goes smoothly, the new system, which includes stablecoins, is expected to be implemented in the future. The financial sector also believes that only by establishing regulations, accounting standards, and financial reporting principles simultaneously can companies feel secure in expanding their usage.

This article FinTechOn｜SBI Technical Director: Accounting standards are unclear, making it difficult for stablecoins to be integrated into enterprise applications. Originally appeared in Chain News ABMedia.