Samsung and South Korean firms deny OUSD consortium membership

The controversy erupted after Open Standard announced a consortium of over 140 organizations to govern its new OUSD stablecoin. The issuer promised a shared governance model where members would oversee operations and split reserve revenue. However, a report from Chosun reveals that several high-profile companies, including Dunamu, Shinhan Bank, and K-Bank, have not approved participation. One company official noted they only discovered their status as a founding member through media reports, expressing surprise at the premature announcement.

This discrepancy has drawn immediate industry scrutiny. Jeremy Allaire, CEO of Circle, criticized the viability of large-scale consortium models, arguing that they often suffer from slow decision-making and misaligned incentives. While Open Standard struggles to clarify the composition of its governance board, institutional players are moving toward more established frameworks. Standard Chartered recently partnered with Circle to allow institutional clients to mint and redeem USDC directly through its platform, signaling a shift in how traditional banks integrate with stablecoin infrastructure.