Korean Firms Deny Membership in Open USD Stablecoin Alliance

Open Standard announced on June 30 that it had established a cooperative network for OUSD, a U.S. dollar-backed stablecoin scheduled for release later this year. The organization claimed roughly 140 global entities—including industry giants like Visa, Mastercard, and BlackRock—would participate in a model designed to share reserve income among members.

However, a report by Chosun Biz revealed that the reality behind the roster is far more tenuous. Samsung Electronics stated it had not held formal consultations regarding its role, while other firms, including Shinhan Financial Group and K Bank, clarified that they had merely been approached about potential interest. Representatives from these companies described their inclusion as unexpected, noting that they had only offered to review the proposal rather than commit to the project. The discrepancy raises questions about the legitimacy of the consortium, which aims to challenge established stablecoin issuers like Tether and Circle by distributing reserve earnings directly to participating partners.