Several major South Korean companies have denied formally joining the Open USD (OUSD) stablecoin consortium after being listed as founding members, raising fresh questions about the alliance’s claimed institutional backing just days after its high-profile launch.
According to a report by Chosun Biz, several major South Korean companies listed as members of the Open USD (OUSD) stablecoin consortium said they had not formally agreed to participate and only became aware of their inclusion after local media reports.
The controversy emerged after Open Standard, the organization behind the proposed U.S. dollar-backed stablecoin, announced that more than 140 global companies had joined its consortium. The published member list included South Korean technology, banking, and financial firms such as Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank.
However, multiple companies have since clarified that they have not formally committed to the initiative and were surprised to see their names included in the announcement.
Samsung, Dunamu deny formal participation
Samsung Electronics said it had not held any official consultations regarding participation in the OUSD consortium and was unaware of its expected role. Meanwhile, Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, confirmed that it had only been approached to discuss the possibility of joining and has not made any final decision.
Shinhan Financial Group and K Bank issued similar responses, stating they are still reviewing the proposal rather than participating as confirmed consortium members. One company reportedly said it first learned it had been identified as a member through local media reports.
- 140+ companies were listed as members of the Open USD consortium.
- 13 South Korean firms appeared on the original partner roster.
- 4 major Korean companies have publicly stated they have not formally joined the alliance.
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OUSD aims to challenge existing stablecoin leaders
Open Standard unveiled OUSD on June 30 as a consortium-governed dollar-pegged stablecoin designed to compete with dominant issuers such as USDT and USDC. Unlike traditional issuer-controlled stablecoins, OUSD plans to distribute reserve income among participating members while eliminating minting and redemption fees.
The project has attracted attention because of its ambition to unite payment companies, banks, technology firms, and crypto businesses under a shared governance structure instead of relying on a single issuer.
Questions emerge over consortium credibility
The public responses from several Korean firms have cast uncertainty over the accuracy of Open Standard’s initial membership announcement. While discussions between the consortium and prospective participants appear to have taken place, several companies emphasized that no binding agreement has been reached.
The episode highlights the challenges of assembling large institutional alliances in the rapidly evolving stablecoin sector, where corporate participation can significantly influence market confidence. Whether additional companies formally join the consortium in the coming months may determine how successfully OUSD positions itself against established competitors in the global stablecoin market. Recently, KG Inicis has partnered with the Solana Foundation to explore stablecoin payment infrastructure in South Korea.
On June 5, the Gangwon Provincial Police Agency launched South Korea’s first investigation into local Polymarket users over alleged illegal gambling, following a referral from the National Police Agency. The probe targets users nationwide, not just those in Gangwon Province.
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