Imagine finding out you’re in a group project you never signed up for. That’s essentially what happened to more than a dozen South Korean companies this week after the Open USD stablecoin alliance listed them as partners, only for the firms to come out and say: actually, no one asked us.
The OUSD alliance had announced a coalition of over 140 entities backing its stablecoin initiative, with 13 South Korean firms featured prominently. The problem? Several of those companies, including Samsung Electronics and Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, say they never formally agreed to anything.
What actually happened
The denials surfaced on July 3, 2026, sending ripples through crypto and traditional finance circles in South Korea.
Samsung Electronics was blunt, stating there had been “no official consultations” about their role in the OUSD project.
