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OUSD Claims Participation of Over 140 Companies, Korean Firms Including Samsung Deny Formal Negotiations

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On July 3, the global stablecoin alliance Open Standard announced the launch of the dollar stablecoin Open USD (OUSD), claiming participation from over 140 global financial and payment companies including Visa, Mastercard, BlackRock, and Samsung Electronics, with plans to launch within the year. However, several Korean companies stated that they had not engaged in formal negotiations with the OUSD issuer. A representative from Samsung Electronics stated, 'There have been no formal negotiations, and we are unaware of what role we would play in the alliance.' Shinhan Financial Group, Dunamu, and K Bank also indicated that Open Standard had inquired about their interest in participation, to which the companies only responded that they could conduct a simple assessment, but their names were subsequently listed as alliance members. A company representative expressed confusion, stating they learned of their inclusion in the OUSD alliance through the news, and that they had merely provided a vague response about considering participation if things progressed smoothly. OUSD operates on an open infrastructure model, aiming to be jointly operated by companies that actually provide payment, remittance, and settlement services. According to the introduction, participating companies can mint 1 OUSD by depositing 1 dollar into the Open Standard reserve account; upon returning 1 OUSD, they can redeem 1 dollar from the reserve account. OUSD alliance participants can mint and redeem OUSD without fees and without restrictions, and plan to distribute the earnings from the reserve, after deducting small management fees, to network participants. (ChosunBiz)
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