Key Takeaways
Samsung told Korean outlet Chosun it never held formal consultations with Open Standard and does not know what role it was expected to play, despite being named a founding partner of the OUSD stablecoin consortium.
Upbit rejected any role in OUSD issuance after its operator Dunamu appeared on the partner list, and Dunamu, Shinhan Bank, and K-Bank all say they received inquiries but never approved participation.
Circle's CRCL shares rebounded about 4 percent to $64.62 as the consortium questions mounted, recovering part of the double-digit drop that followed the Open USD launch.
The 140-firm consortium behind Open USD is looking smaller by the day. Samsung told Korean outlet Chosun on July 3 that it never held formal consultations with Open Standard and does not know what role it was supposed to play, even though the issuer named it a founding partner when the stablecoin launched on June 30.
The denials spread fast. Upbit, South Korea's largest crypto exchange, said it is not participating in OUSD issuance after its operator Dunamu appeared on the partner list, per crypto.news. Dunamu, Shinhan Bank, and K-Bank confirmed they received inquiries but are still reviewing the proposal and never approved joining. One company official told Chosun the firm first learned it was a listed member from domestic media reports.
That is a long way from Open Standard's launch announcement, which described more than 140 organizations, including Visa, Mastercard, BlackRock, Google, Samsung, and Dunamu, as businesses that had "signed up to use" OUSD, with founding partners sharing governance and reserve income. ARK Invest research director Lorenzo Valente wrote on X that consortium stablecoins have a familiar history, from Diem to Global Dollar, adding "I remain highly skeptical any of these initiatives can hit scale."
South Korea adds its own complication. The country has not passed its Digital Asset Basic Act, so it is not yet settled who can legally issue stablecoins there, which gives Korean firms every reason to stay noncommittal. Circle shares recovered about 4 percent to $64.62 as the questions mounted.
We covered the Open USD launch and the 140-firm claim four days ago, and the week's contrast is sharp: while the consortium model wobbles, Standard Chartered went live with direct USDC minting through a single bank. Worth watching which model institutions actually use.
People Also Ask
What is Open USD (OUSD)?
Open USD is a proposed dollar-backed stablecoin from Open Standard, announced June 30, 2026 with a claimed consortium of more than 140 firms that would share governance and revenue from the coin's reserve assets.
Which companies deny joining the Open USD consortium?
Samsung says it held no formal talks with Open Standard, Upbit denies any issuance role, and Dunamu, Shinhan Bank, and K-Bank say they received inquiries but have not approved participation.
Why are Korean companies hesitant about stablecoin projects?
South Korea has not passed its Digital Asset Basic Act, so the rules on who may issue stablecoins and what roles companies can play are still unsettled, making formal commitments legally risky.
How did Circle stock react to the Open USD news?
Circle's CRCL shares fell by double digits after the Open USD launch, then rebounded about 4 percent to $64.62 as questions about the consortium's actual membership emerged.