Google, Visa, Mastercard, Samsung Electronics, Dunamu drew attention after Open Standard introduced its Open USD (OUSD) stablecoin initiative. The announcement listed roughly 140 global companies as consortium participants.
However, several South Korean businesses quickly challenged that claim. They said Open Standard never completed formal discussions before naming them.
The unexpected disclosures created uncertainty around the project’s credibility. Consequently, industry observers shifted focus from the stablecoin’s ambitions to questions about partner verification and governance.
Companies question consortium listings
Samsung Electronics stated it never finalized any agreement with Open Standard. A Samsung Electronics official said, “There were no official consultations, and we do not even know what role we would play (in the consortium).”
Besides Samsung, Dunamu, Shinhan Financial Group, and Kbank also indicated they only expressed preliminary interest. They never approved public inclusion. Moreover, several firms reportedly discovered their involvement through media coverage instead of direct communication.
OUSD targets a different stablecoin model
Despite the controversy, Open Standard continues developing OUSD as a shared payments infrastructure. Unlike traditional issuers, participating institutions would mint and redeem tokens directly through reserve deposits.
Additionally, the platform plans to remove transaction fees and redemption limits for consortium members. Hence, participating organizations could access greater operational flexibility.
Furthermore, Open Standard intends to distribute most reserve-generated earnings among network participants instead of retaining the profits, creating a cooperative alternative to existing stablecoin business models.
Related: Samsung Units Invest $408M for 4% Stake in Dunamu
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