Samsung Electronics and several major Korean financial companies deny official ties to Open USD, the dollar-pegged stablecoin that launched this week with an alleged alliance of more than 140 partner companies.
This response, first reported by Chosun Biz on July 3, tests the credibility of one of the largest partner lists ever assembled in the stablecoin sector.
The Korean partners say they never signed
Standard opening The opening of the US dollar (OUSD) was announced on June 30promising members no seigniorage and a share of reserve income. Visa, Mastercard, Stripe, BlackRock, and Coinbase top the list.
The list also names 13 Korean entities, including Samsung Electronics, Donamo, Shinhan Financial Group, KBank, and seven card issuers. Within days, at least four of them distanced themselves.
“There have been no formal consultations, and we don’t even know what role we will play (in the consortium),” local media Chosun Biz said. I mentionedQuoted from an official at Samsung Electronics.
Meanwhile, Shinhan, Donamo and KeyBank said Open Standard had simply floated the idea of joining. They replied that they would review it, but their names appeared as members.
An official at another listed company described a similar experience to the outlet.
“We learned that we were listed as members of the OUSD union through the local news…We are at a loss as to why we are listed as members.”
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The open US dollar faces credibility test before launch
This case sets a costly precedent. Facebook’s Libra Consortium debuted in 2019 with 28 founding members, including Visa, Mastercard, and Stripe. The three resigned within four months, and the renamed Diem sold its assets in 2022.
The stakes are high because the debut sent Circle’s stock down 17% on launch day. Tether (USDT) and USD Coin (USDC) control 80% of a market worth about $311 billion, according to DefiLlama. Data.
OUSD revenue can also be shared Pressure on USDC returns In decentralized finance (DeFi).
However, some commitments appear firm. Stripe Technology CEO Will Gaybrick certain OUSD will become the default stablecoin for businesses on its platform.
The pledge comes after Stripe’s $1.1 billion purchase of Bridge, the stablecoin company founded by Open Standard chief Zach Abrams.
Circle, for its part, continues to deepen its banking distribution, with Standard Chartered Expand institutional access to USDC In Dubai.
For Korean companies, caution has context. The debate over stablecoins backed by the South Korean won remains unresolved at home, and is already facing listed companies Tighten local encryption rules.
Open Standard has not yet addressed the Korean accounts or publicly defined what the partnership means. They also did not immediately respond to BeInCrypto’s request for comment.
this post Open hype for USD stablecoin backfires as Samsung denies partnership claims appeared first on BeInCrypto.
