South Korean crypto exchange Upbit has clarified it is not currently participating in the issuance of the Open USD stablecoin. Its parent company, Dunamu, was named among over 140 businesses in the new initiative.
An Upbit spokesperson stated the company has only indicated "potential willingness to consider" future participation in the OpenStandard ecosystem.
This clarification follows similar statements from other major South Korean firms. Samsung Electronics said it had not held formal discussions with the project. Shinhan Financial Group and KBank also indicated they had only expressed preliminary interest.
The project, announced by Open Standard, describes a dollar-backed stablecoin allowing businesses to mint and redeem tokens without fees or volume limits. It plans to distribute earnings from its reserves to participants.
Industry figures have questioned the sustainability of such a model. Circle CEO Jeremy Allaire challenged the revenue-sharing governance, and an ARK Invest director called the announcement a "giant letter of intent."
South Korea's regulatory environment remains unsettled. The Digital Asset Basic Act has not been passed, creating uncertainty over who can issue stablecoins and what roles companies can legally perform. This lack of clear rules makes formal commitments from South Korean firms difficult.