Key facts
- Samsung and Dunamu have denied being official partners in the OUSD stablecoin consortium.
- South Korean firms stated they had no prior consultations with OUSD issuer Open Standard.
- Open Standard listed over 140 firms as founding partners for the OUSD stablecoin.
- Upbit clarified it only indicated potential willingness to consider future participation in the OpenStandard ecosystem.
- Circle's stock saw a rebound, increasing by 4% to $64.
South Korean technology firms Samsung and Dunamu have expressed confusion and distanced themselves from the OUSD stablecoin consortium, announced by issuer Open Standard. These companies were listed among over 140 founding partners intended to govern the stablecoin and share earnings from its reserves.
Samsung officials stated they had no official consultations regarding their role and were unaware of their position. Dunamu, along with Shinhan and K-Bank, confirmed that Open Standard had inquired about their participation but that they had not yet given their approval and were reviewing the request. One company official noted they learned of their inclusion through domestic news and were perplexed, having only responded with an expression of interest to consider participation.
In a separate development, Circle's stock experienced a rebound, climbing as much as 4% to $64. This recovery occurred alongside a broader rally in crypto stocks. Circle's CEO, Jeremy Allaire, had previously commented on the historical challenges faced by consortia like Open Standard, citing slow decision-making and misaligned incentives.