Samsung, Dunamu Deny Joining Open USD Stablecoin Alliance Amid Listing Row

Several major South Korean companies, including Samsung Electronics and Dunamu, the parent firm of crypto exchange Upbit, have publicly denied any formal involvement with the Open USD (OUSD) stablecoin alliance after being listed as partners in the project. The denials, which surfaced on July 3, 2026, have raised fresh questions about the credibility of the coalition’s claimed backing, according to Crypto Briefing.

OUSD had announced a coalition of more than 140 entities supporting its stablecoin initiative, with 13 South Korean firms featured prominently on the list. But several of those named companies say they never agreed to any partnership, formal or otherwise.

Companies push back on their listed involvement

Samsung Electronics was direct in its rejection, stating there had been “no official consultations” regarding its role in the OUSD project, per Crypto Briefing’s reporting.

Dunamu offered a softer but still clarifying stance, saying its team had only reviewed the alliance’s proposal without committing to it. Upbit, which sits under Dunamu’s corporate umbrella and is South Korea’s largest crypto exchange, went further still, explicitly denying any involvement in OUSD’s stablecoin issuance.

K Bank, another firm named among the alliance’s supposed partners, also said it had not entered into any formal agreement with the project.

A credibility problem for a 140-member coalition

Touting a partner list of over 140 entities is meant to project institutional buy-in and broad market support for a stablecoin project. But once marquee names begin publicly distancing themselves, the rest of the list becomes harder to take at face value.

The episode lands at a sensitive moment for the stablecoin sector, which remains intensely competitive. Circle’s USDC has been drawing renewed attention as regulatory frameworks mature in major markets, while Tether’s USDT continues to dominate trading volume, according to Crypto Briefing.

Why Korean regulatory caution matters

South Korea’s regulatory backdrop adds another layer to the story. The country has been steadily tightening crypto oversight, and its major financial institutions have grown wary of being associated with projects that have not gone through proper approval channels.

The pushback from Samsung and Dunamu reflects a broader pattern among South Korean conglomerates and financial firms, who appear increasingly protective of their reputations when it comes to unverified crypto partnerships. For investors watching the stablecoin race, the incident is a reminder that claimed institutional backing should be verified rather than taken at face value.

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