Upbit and Samsung Distance Themselves from Open USD Stablecoin Project

Upbit clarified that while its operator, Dunamu, appeared on a list of over 140 organizations associated with the OUSD stablecoin, the exchange has not committed to launching or issuing the asset. The company stated it only expressed a preliminary interest in exploring the ecosystem should it expand in the future. This move follows similar disavowals from Samsung Electronics, Shinhan Bank, and K-Bank, all of whom reported they had not held formal discussions or approved participation despite being named as founding partners.

Open Standard had previously claimed these companies signed up to use OUSD, participate in governance, and share income from reserve assets. Industry observers, including ARK Invest research director Lorenzo Valente, have characterized the announcement as a non-binding letter of intent rather than a finalized agreement. The confusion highlights the broader regulatory vacuum in South Korea, where the Digital Asset Basic Act remains pending. Until lawmakers clarify whether stablecoin issuance will be restricted to banks or opened to non-bank entities, firms remain cautious about committing to projects that lack a clear legal framework for licensing and reserve management.