South Korean firms dispute being listed in Open USD stablecoin consortium

Several major South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group and K Bank, said they were named as members of the Open USD (OUSD) stablecoin consortium by Open Standard despite not having formal agreements. The firms reported that they learned of their inclusion through media reports after Open Standard announced on June 30 that about 140 global firms—including Visa, Mastercard, Google and BlackRock—would join the USD‑backed stablecoin project.

Open Standard describes OUSD as a cooperative network where participating institutions can mint and redeem tokens without fees or volume limits, and where reserve income is shared among members rather than retained by a single issuer. Despite the controversy over partner verification, the project continues development toward a launch later in 2026, positioning itself as an alternative to dominant stablecoins such as Tether’s USDT and Circle’s USDC.