Samsung Electronics, Dunamu, and several other South Korean companies say they were listed as founding partners of the OUSD stablecoin consortium without ever agreeing to join, raising early questions about the credibility of one of the most heavily backed stablecoin launches to date.

According to a report from Chosun Biz, a Samsung Electronics official said the company held no official consultations with Open Standard, the independent operator behind OUSD, and does not know what role it would play in the consortium. Shinhan Financial Group, Dunamu (operator of Upbit, South Korea’s largest crypto exchange), and Kbank reportedly gave similar comments, saying they had only agreed to review Open Standard’s proposal before their names appeared among the more than 140 listed partners.

This story is an excerpt from the Unchained Daily newsletter.

Subscribe here to get these updates in your email for free

OUSD’s launch on June 30 had been met with fanfare, with its announcement sending Circle’s stock sharply lower as investors weighed it as a direct threat to USDC. Circle CEO Jeremy Allaire at the time downplayed the challenge, framing the stablecoin market as large enough for multiple players.

Unlike Tether and Circle, which keep the yield earned on their reserves, Open Standard has promised to distribute most reserve income back to partner firms after a small operating fee, a structure that makes formal membership economically meaningful rather than symbolic.

Stripe has said OUSD will become the default stablecoin for businesses on its platform, and Coinbase has confirmed it will bring the token to its Base network.

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Samsung and Dunamu Say They Never Agreed to Join Open Standard’s OUSD Stablecoin Consortium

Stay Ahead in Crypto