- Samsung and other Korean firms say no formal talks confirmed their OUSD roles.
- Open Standard listed 13 Korean companies despite several reporting only early contact.
- The dispute emerges as South Korea weighs stricter rules for foreign stablecoins.
Several Korean companies say they were listed as members of the Open USD alliance despite holding no formal participation talks. The disagreement emerged after Open Standard described the businesses as participants in its planned dollar-pegged stablecoin network.
However, Samsung Electronics said no official consultation had occurred and that it did not know what role it would play. Similarly, Dunamu, K Bank, and Shinhan Financial Group said they had only agreed to review possible participation.
Korean Companies Contest Open USD Membership Claims
Open Standard announced Open USD on June 30 and said more than 140 financial, technology, and payment companies were participating. Its website also listed 13 Korean businesses, including KakaoBank, Hyundai Card, Samsung Card, BC Card, Hana Card, and Hanwha Life.
Nevertheless, several companies told Chosun Biz that preliminary interest appeared to have been treated as confirmed membership. One representative said the company learned through Korean media that its name had appeared on the alliance roster.
The distinction is important given that Open Standard’s announcement used stronger language than a request for feedback or a nonbinding review. It said participating companies had “signed up to use” the token.
Moreover, the project’s FAQ describes joining as adopting Open USD as a core transactional asset. Participants would also receive technical support and become eligible for revenue linked to the stablecoin’s usage.
Nevertheless, public materials did not state whether every listed company had signed a binding agreement. They also did not clarify whether each business had approved the publication of its name.
Stablecoin Launch Faces Scrutiny Amid Korea’s Policy Debate
According to reports, Open USD is scheduled to launch later in 2026 for payments, remittances, settlement, and trading. Under the proposed model, businesses could mint and redeem the token without fees or artificial volume limits.
In addition, the project says most income generated from reserve assets will be distributed to companies adopting and circulating the stablecoin.
Meanwhile, reserves are expected to remain at major financial institutions under United States regulatory requirements. The broader roster includes Visa, Mastercard, Stripe, Coinbase, BlackRock, BNY, Google, and Shopify.
Meanwhile, the disagreement comes as South Korea continues reviewing its own stablecoin framework. Regulators remain divided over issuer eligibility, bank ownership, reserve safeguards, and the treatment of foreign-issued tokens.
Current proposals could require overseas issuers to establish operations in Korea and meet domestic reserve and custody standards. Therefore, the dispute centers on whether preliminary contact justified identifying the companies as confirmed members of the alliance.
Related: Stripe, Visa & Mastercard Back Partner-Governed Open USD Stablecoin
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