Multiple South Korean Companies Deny Formal Participation in Open USD Stablecoin Alliance, Claiming 'No Formal Negotiation, Unclear Role'
The global stablecoin alliance Open Standard has launched the dollar stablecoin Open USD (OUSD), which is planned to go live within the year, claiming that over 140 institutions including Visa, Mastercard, BlackRock, Samsung Electronics, and Dunamu have joined.
OUSD adopts an open infrastructure model, allowing companies to mint 1 OUSD for every 1 dollar deposited, with no fees or limits on redemptions, and distributing reserve earnings to participants after deducting management fees.
However, multiple South Korean companies have denied formal participation, with Samsung Electronics stating "no formal negotiation, unclear role," while Shinhan Financial, Dunamu, and K Bank indicated they only responded to assess interest but were listed as members.
Source: Public Information
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Open Standard, led by former Bridge founder Zach Abrams, aims to build a stablecoin governed collectively by participating enterprises, differentiating itself from the single-issuer model of USDT/USDC, and has previously attracted interest from payment giants like Visa.
In terms of capital strategy, the alliance incentivizes companies to deposit reserves and operate the network through shared earnings, strategically dispersing economic benefits of the stablecoin to reduce dominance by a single issuer, but the genuine commitment of members has become a focal point of early controversy.
Similar to the collapse of the Libra alliance due to member withdrawals, or the early compliance expansion of USDC, OUSD is currently in the phase of forming the alliance and building trust, with the clarifications from South Korean companies highlighting the risk of a disconnect between promotion and actual participation.
Essentially a concentration of capital, the high profits in the stablecoin market attract traditional finance and tech companies to jointly reconstruct issuance models, competing for market share through open governance and profit sharing, but actual control still depends on the capital contributions of core participants.
ABAB News · Law of Cognition
Listing members is easy, but obtaining genuine commitment is difficult.
Profit sharing first consolidates intent, then tests execution.
In stablecoin competition, governance transparency determines long-term capital trust.