Summary of Denials and Stated Positions
Published 7/3/2026, 3:19:23 PM
Samsung Electronics, Dunamu (the operator of Upbit), and K Bank publicly denied or clarified their membership in the OUSD (Open Standard Dollar) consortium because Open Standard listed them as founding partners without formal consent, signed agreements, or defined roles.
Following the announcement of the OUSD stablecoin on June 30, 2026 [Source: https://www.fortune.com/2026/06/30], these companies clarified that their involvement was limited to preliminary inquiries or expressions of interest rather than official participation. The discrepancy led to a market correction after an initial 17% plunge in Circle's (CRCL) stock price [Source: https://www.gurufocus.com/news/8939315].
Summary of Denials and Stated Positions
| Company | Official Stated Position | Nature of Prior Contact |
|---|---|---|
| Samsung Electronics | "There were no official consultations, and we do not even know what role we would play." | No formal negotiations or agreements occurred. |
| Dunamu (Upbit) | "Upbit is not participating in the issuance... it has merely expressed intent to engage in future ecosystem expansion." | Responded to an inquiry with an intent to review the proposal. |
| K Bank | Denied formal membership; stated they only agreed to a preliminary assessment. | Approached with an inquiry; no formal commitment made. |
| Shinhan Financial | "Reviewing the request and had yet to give formal approval." | Described as "considering" the proposal after being approached. |
Primary Reasons for Public Denials
- Unauthorized Listing: Multiple firms reported learning of their "founding partner" status through domestic news reports rather than direct communication from Open Standard. One representative noted they were surprised to see their firm identified as a member without prior notification.
- Misinterpretation of Interest: Open Standard reportedly approached these firms with an "expression of interest." While the companies indicated they would consider the project "if things went well," Open Standard appears to have interpreted these non-binding statements as formal commitments to join the 140+ member alliance.
- Regulatory Sensitivity: In South Korea, the Digital Asset Framework Act presents significant regulatory hurdles. Formally joining an overseas dollar-backed stablecoin alliance could create legal complications for domestic operations, making a public denial necessary to avoid regulatory scrutiny.
- Lack of Operational Planning: Samsung Electronics specifically highlighted a lack of detailed planning, stating they were unaware of what their actual contribution to the consortium would be.
Market Context
The OUSD project, led by Bridge co-founder Zach Abrams, was positioned as a revenue-sharing competitor to USDT and USDC. While the initial announcement claimed a massive partner roster including BlackRock, Visa, and Google, the subsequent denials from major Korean firms suggested the partner list was "aspirational" rather than finalized. This led to a partial market rebound for competitors like Circle, whose CEO Jeremy Allaire noted that such large consortia often face challenges due to slow decision-making and misaligned incentives [Source: https://www.cryptobriefing.com].
While the denials from Samsung and K Bank were categorical regarding membership, Dunamu's statement functioned more as a clarification that they were not involved in the issuance of the token, though they remained open to future ecosystem engagement.