Upbit, South Korea’s largest crypto exchange, said on July 3 that it has not agreed to issue or help launch Open USD, the dollar-pegged stablecoin announced this week with a claimed roster of more than 140 corporate members. The denial followed a Chosun Biz report in which Samsung Electronics, Shinhan Financial Group, Kbank, and Upbit operator Dunamu all said they had no formal agreement with issuer Open Standard. A stablecoin is a digital token designed to hold a fixed value, usually one U.S. dollar, backed by cash or short-term government debt held in reserve. The consortium’s size was the entire story when it launched: the announcement helped wipe double digits off Circle’s stock, which sank as 140 firms appeared to back the rival token, before the shares recovered on Friday.
Key takeaways
- Upbit said on July 3 it will not issue or help launch OUSD, even though its operator Dunamu appears on Open Standard’s published member list.
- A Samsung Electronics official told Chosun Biz there were no official consultations and the company does not know what role it would play.
- Shinhan Financial Group, Kbank, and Dunamu said they only agreed to review the proposal, and one listed firm learned of its inclusion from news reports.
- Circle stock closed up 4.3% at $64.62 on July 3, recovering part of the double-digit drop that followed the original consortium announcement.
Published: July 4, 2026, 09:15 UTC
How the consortium roster unraveled
At least five companies named as Open USD participants now say they never formally agreed to join. Open Standard introduced OUSD on June 30, describing more than 140 organizations, including Visa, Mastercard, BlackRock, Google, Samsung Electronics, and Dunamu, as businesses that had signed up to use the token and share in its governance.
That framing began to crack on Friday. A Samsung official told Chosun Biz the company held no official consultations with Open Standard. Shinhan Financial Group, Kbank, and Dunamu said they received inquiries about their willingness to participate and answered only that they would review the matter. Their names later appeared on the member list anyway. One unnamed firm told the outlet it was perplexed to discover its inclusion through domestic media reports after giving a casual answer that it would consider joining if things went well.
Hours later, Upbit issued its own statement rejecting any role in issuing the token, saying it had only expressed willingness to consider the project if it expands in the future.
What Open Standard promised members
Open Standard pitched OUSD as a stablecoin whose member companies can mint the token by depositing dollars into its reserve account and redeem it without fees or volume limits. The issuer said it would distribute reserve income to network partners after a small operating fee, a direct contrast with Tether and Circle, which keep the earnings from investing user deposits in U.S. government debt.
The prize is large. Dollar-pegged stablecoins now exceed $291 billion in circulation, according to The Block’s data, with Tether’s USDT at roughly $184.3 billion and Circle’s USDC above $73 billion. Banks are crowding into the same market: Crédit Agricole rolled out its EURXT euro stablecoin the same week.
Why the denials matter for the stablecoin race
A consortium’s credibility is its member list, and OUSD’s list is now in question. Circle CEO Jeremy Allaire argued after the launch that large corporate coalitions coordinate poorly, carry misaligned incentives, and rarely produce durable products. ARK Invest research director Lorenzo Valente called the announcement a giant letter of intent, pointing to failed consortium stablecoins such as Facebook-led Diem as precedent.
Markets appear to be repricing the threat accordingly. Circle’s CRCL shares, which fell by double digits when the 140-member roster first circulated, closed up 4.3% at $64.62 on Friday, as the denials spread. If more listed members walk back their involvement, the competitive pressure on Tether and Circle looks weaker than the launch suggested. Open Standard has not publicly responded to the denials, and it still says OUSD will launch within the year.
Korean rules leave issuers in limbo
South Korea has not yet passed its Digital Asset Basic Act, so no company knows who will be allowed to issue stablecoins or under what license. Lawmakers are still debating whether issuance should be limited to banks or opened to qualified non-bank firms, which leaves reserve standards and liability rules unsettled. Until that framework lands, Korean companies have little incentive to sign binding stablecoin agreements, a dynamic already visible in Asia, where Ripple waited for Japanese regulatory sign-off before taking RLUSD live in Japan. The gap between Open Standard’s launch timeline and Seoul’s unfinished rulebook is now the biggest open question hanging over OUSD’s Korean roster.
Frequently asked questions
What is Open USD (OUSD)?
Open USD is a proposed dollar-pegged stablecoin from issuer Open Standard, announced June 30, 2026 with a claimed consortium of over 140 companies including Visa, Mastercard, and BlackRock. Members would mint and redeem the token without fees and share income earned on its reserves.
Did Samsung agree to join the Open USD consortium?
No. A Samsung Electronics official told Chosun Biz on July 3 that the company held no official consultations with Open Standard and does not know what role it would play, despite being named in the consortium’s launch materials as a participating business.
Why did Circle’s stock react to the OUSD news?
Investors initially read the 140-member consortium as a threat to Circle’s USDC, sending CRCL down by double digits. As Korean firms disputed their listed membership, the perceived threat faded and the stock recovered 4.3% to close at $64.62 on July 3.
