Samsung, Shinhan, Dunamu deny joining OUSD stablecoin alliance: Report

Several South Korean companies, including Samsung Electronics and Shinhan Financial Group, said they never formally agreed to join the Open USD ($OUSD) stablecoin consortium after being named as partners, with some saying they had only expressed a willingness to review the proposal, Chosun Biz reported Friday.

Open Standard, led by Bridge co-founder Zach Abrams, on Tuesday unveiled $OUSD, with backing from more than 140 payments and financial giants such as BlackRock, Visa, Stripe, Google, Coinbase and DBS.

The group listed a number of South Korean firms, including Samsung Electronics, Dunamu, Shinhan Financial Group and KBank, among its participants.

However, these companies said they had not entered into formal agreements with Open Standard.

Samsung Electronics said there had been no official consultations, while Shinhan Financial Group, Dunamu and KBank said they had only agreed to consider the proposal after being contacted by the project.

Open Standard plans to launch the stablecoin later this year. The project said participants will be able to mint and redeem $OUSD without fees while receiving most of the income generated from reserve assets, with governance handled by an independent company representing the ecosystem.