Samsung and Dunamu Say OUSD Listed Them as Backers Without Asking

Korean firms deny agreeing to join OUSD

Four large South Korean companies say they were named as members of the OUSD stablecoin consortium without giving formal consent. According to local media reports, Samsung Electronics held no official consultations with the organiser, Open Standard, and did not know what role it would play. Dunamu, Shinhan Financial Group and Kbank said Open Standard had only asked whether they were willing to take part. Each firm replied that it would review the proposal, and none approved participation. The four names still appeared on a public list of backers that Open Standard published when it unveiled the project. The companies rank among South Korea's most prominent technology and financial groups. Local media, including Chosun Biz, first reported the firms' objections.

Open Standard pitched OUSD as a shared stablecoin

Open Standard introduced OUSD as a dollar-pegged stablecoin governed by more than 140 organisations rather than a single issuer. The named partners include Visa, Mastercard, BlackRock, Stripe, Coinbase and Ripple. Members would oversee the token through a shared governance board and split the revenue earned on its reserve assets after operating fees. Open Standard plans to launch OUSD natively on the Solana blockchain within 2026, offering minting and redemption without fees or volume limits for participating businesses. That design gives corporate members a direct stake in the token's economics, which makes each named backer commercially significant. Unlike issuer-owned stablecoins, OUSD would be run by the businesses that use it, not by shareholders.

A partner list shapes stablecoin trust

A public partner list carries weight for a token that has not yet launched. Stablecoin projects depend on trust, especially when they claim backing from banks, payment firms and large corporations. A public consortium list can shape how investors, users and regulators judge a token before its release. One company official said the firm first learned of its listing through domestic media reports. The same official said the company had indicated only that it might consider joining if conditions developed favourably. The disputed names raise questions about how the consortium assembled its roster.

OUSD aims to challenge Tether and Circle

OUSD would enter a market long dominated by two issuers. The consortium model shares reserve income with its members, unlike the incumbents that keep it. When Open Standard revealed the project, shares in Circle, the issuer of USDC, fell between 15% and 17% on the day, according to secondary reports. Circle's chief executive has publicly questioned whether such a consortium can deliver. The Korean firms' denials now add to the uncertainty surrounding the consortium's stated support ahead of launch.

Tether and Circle still lead the market

The dollar-pegged stablecoin market is worth roughly $291 billion, and OUSD would compete for a share of it. Tether's USDT held a market value near $184.2 billion, and Circle's USDC near $72.9 billion (CoinPaprika, 6 July 2026). Together the two tokens account for most of the sector's supply. OUSD would need broad, confirmed backing to challenge that lead. USDT also led trading, with about $33 billion changing hands over 24 hours versus roughly $8 billion for USDC (CoinPaprika, 6 July 2026).

Circle's chief questions the consortium approach

Circle chief executive Jeremy Allaire has criticised the consortium structure behind OUSD.

"Large groups of large companies coordinate poorly, have misaligned incentives, slow things down and rarely create the space for real durable innovation", 3 July 2026. — Jeremy Allaire, Chief Executive, Circle

Open Standard has not publicly addressed the firms' statements. The dispute over Samsung and Dunamu's inclusion has surfaced before OUSD reaches the market.