- Samsung, Dunamu, and other Korean firms have denied a formal role in the Open USD alliance.
- Open Standard had named 13 Korean firms as partners of OUSD.
- “Integrity matters,” says Circle’s CEO
Several South Korean companies listed among the partners in Open USD have come out to deny a formal role in the alliance.
Open USD was announced on June 30th, listing 140-plus partners, including financial heavyweights such as Visa, Stripe, Mastercard, American Express, BlackRock, and Coinbase, among others.
Thirteen Korean firms appeared on the list, including Upbit exchange operator Dunamu, spanning Samsung Electronics, Shinhan Financial Group, KakaoBank, K Bank, Hanwha Life, and seven card issuers.
A number of the companies said Thursday they had no formal talks about the Open USD, and only learned about their inclusion in the alliance through news reports.
A Samsung Electronics official told a local news outlet, Chosun Biz, that there had been “no official consultations” and that the company did not know what role it would play in the consortium.
Some of the firms, including Dunamu, Shinhan Financial, and K Bank, confirmed that Open Standard had asked whether they were interested, and that they had replied only with a willingness to review the proposal.
“We only learned about our inclusion in the OUSD alliance through domestic news,” said one unnamed company official. “We are perplexed to be included as a member.”
“Integrity matters,” says Circle’s CEO
The revelations from the Korean firms strike right at Open USD’s biggest marketing weapon.
Open USD was quickly touted as a big rival for USDT and USDC, amid the long list of financial heavyweights named as its partners.
Circle (CRCL) fell over 15% on the day of the announcement. With Coinbase listed among the Open USD partners, there was also speculation on what that could mean for Circle and USDC, which have long had the U.S. exchange as a major partner.
But Circle CEO Jeremy Allaire affirmed that nothing has changed about their partnership with Coinbase. “Our stablecoin partnership with Coinbase remains as strong as ever,” Allaire precisely noted.
“Integrity matters,” Circle’s CEO posted on X, as news of Korean firms denying the OUSD alliance made headlines.
Integrity matters
— Jeremy Allaire – jerallaire.arc (@jerallaire) July 3, 2026
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FAQs
What is Open USD (OUSD)?
Open USD is a dollar-pegged stablecoin announced on June 30 by a consortium called Open Standard, which counts Visa, Mastercard, BlackRock, Google, Stripe and Coinbase among its backers. It differs from existing stablecoins by distributing reserve-management income to participating firms rather than keeping it as issuer profit.
Which Korean companies denied joining the OUSD alliance?
Samsung Electronics, Dunamu (operator of crypto exchange Upbit), Shinhan Financial Group and K Bank all told Korean outlet Chosun Biz that they had not formally agreed to participate and were surprised to find their names on the partner list.
How did the OUSD announcement affect Circle's stock?
Circle's shares dropped roughly 16% intraday after the OUSD launch on June 30, as investors weighed the possibility that major payment networks and technology firms could shift volume away from Circle's USDC stablecoin.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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