Open USD had barely been announced before the cracks started showing. Dunamu, the operator of South Korea’s dominant crypto exchange Upbit, has confirmed it is not participating in the issuance of OUSD, the new stablecoin unveiled by the Open Standard consortium on June 30. The clarification follows a similar distancing move by Samsung Electronics, suggesting that the consortium’s claimed roster of over 140 partners may be more aspirational than actual.
What Open USD promised, and who’s actually on board
Open Standard introduced OUSD as a dollar-pegged stablecoin with a genuinely novel pitch. Zero fees for minting or redemption. No artificial caps on supply. Revenue from reserve yields shared with distribution partners. And instead of a single corporate issuer calling the shots, collective governance by a broad consortium.
The partner list read like a who’s-who of global finance and tech: Visa, Mastercard, Stripe, BlackRock, Coinbase, Google, and Ripple, among others. South Korean heavyweights Samsung Electronics and Dunamu were also listed among the initial collaborators.
Samsung was among the first to pump the brakes, clarifying its limited involvement. Dunamu followed suit, stating plainly that Upbit “is not participating in the issuance of the stablecoin.”
