Open USD’s claim of 149 partner firms unravels as Samsung, others deny deals

Newly launched stablecoin Open USD (OUSD) is facing questions about the legitimacy of its headline claim to have signed up 149 partner businesses, after South Korean outlet Chosun Biz reported that several listed firms, including Samsung Electronics, say they never agreed to any partnership, according to Protos.

Samsung and other South Korean firms push back

OUSD was created by a company called Open Standard, which said this week that a consortium of more than 140 businesses had “signed up” to use the stablecoin. Open Standard’s CEO, Zach Abrams, said: “We’re thrilled to bring together over 140 businesses to launch Open USD. It’s a stablecoin built for the internet economy, designed by the businesses growing it.”

But Chosun Biz reported that a number of the South Korea-based companies named in the list dispute that characterization. A Samsung Electronics official told the outlet: “There were no official consultations, and we do not know what role we will play (in the alliance).”

Other listed firms, including Shinhan Financial Group, Dunamu, and K-Bank, reportedly said they had been approached by Open Standard but only agreed to review the stablecoin rather than sign any formal deal. An unnamed corporate official from one of the firms said they “only learned about being included in the OUSD alliance through domestic news,” adding they were “bewildered” to find their company listed. The same official said their firm’s actual response to Open Standard had been “merely a light ‘we will review it if things go well.'”

Doubts extend beyond Korea

The scrutiny wasn’t limited to South Korea. OpenAssets founder Gabor Gurbacs said on X that he contacted several of his own clients who appear on the OUSD partner list, and that they told him they never signed or agreed to anything.

Gurbacs wrote: “Either the media deeply twisted something or the participant list is misleading.” He said one firm had reportedly been told that Stripe and Visa would accept the stablecoin, and that it might therefore interact with OUSD in the future, but stressed that this involved “no contracts or anything just discussions.”

Not every relationship on the list is in dispute. Open Standard has published quotes from executives at companies including Mastercard, Stripe, Shopify, Coinbase, BlackRock, Visa, Fireblocks, Félix, DoorDash, Chime, BNY, BBVA, and Adyen, suggesting at least some genuine partnerships exist alongside the contested ones.

Circle stock hit as rival stablecoin launches

The controversy comes just days after OUSD’s launch rattled markets for its established rival. Circle, which has more than $70 billion of its USDC stablecoin in circulation, saw its stock fall 17% when OUSD was unveiled alongside its claimed 149-firm backing, according to Protos.

OUSD’s pitch to potential partners is that it will not charge firms to mint or redeem tokens, and that partnered companies would benefit from interest accrued on the reserves backing the stablecoin. Protos said it has reached out to both Samsung Electronics and Open Standard for comment and will update its reporting if it receives a response.

Read more: Bitcoin exchange deposits hit rare 2026 extreme as 49,000 BTC hits exchanges