Yes, STANDARDS is a Scrabble word!

Letter values in Scrabble US: S 1, T 1, A 1, N 1, D 2, A 1, R 1, D 2, S 1.

Is it a valid word?

STANDARDS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a basis for comparison; a reference point against which other things can be evaluated
the ideal in terms of which something can be judged
a board measure = 1980 board feet
the value behind the money in a monetary system
an upright pole or beam (especially one used as a support)
any distinctive flag

Also: monetary standard.