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Upbit Clarifies It Is Not Issuing Open USD, Raising Questions About South Korean Firms Roles in New Stablecoin
On July 3, 2026, South Korean exchange Upbit made a clear statement: it will not participate in the issuance of Open USD, the dollar‑backed stablecoin launched by Open Standard. The clarification came after the consortium announced that more than 140 companies—including Visa, Mastercard, BlackRock, Google, Samsung Electronics and Upbit’s operator Dunamu—had "signed up to use" the new token.
Upbit’s spokesperson said the exchange’s involvement had been overstated and that its position was limited to a potential willingness to consider participation in the broader OpenStandard ecosystem in the future. The comment throws a spotlight on Open Standard’s launch claims. Several firms listed as partners have since indicated that their engagement was preliminary, non‑binding or not formally agreed. Samsung, for example, said it had not held formal discussions with the project and was unaware of any expected role.
The distinction between being named a partner and making an operational commitment is critical for stablecoin adoption. Credibility, distribution channels, redemption access and institutional trust all hinge on confirmed commercial arrangements. Open Standard has promised free, unlimited minting and redemption of OUSD and a plan to distribute reserve‑generated earnings to participating companies, but critics question the economic sustainability of the model and the obligations of listed participants.
Circle CEO Jeremy Allaire and ARK Invest research director Lorenzo Valente have both voiced concerns that the project’s early partner list may not yet represent operational adoption. Their remarks echo a broader industry view that a stablecoin can announce a wide business network, but real adoption depends on reliable minting, redemption, holding, transfer and settlement across trusted venues.
South Korea’s regulatory environment adds another layer of uncertainty. The country has not yet enacted the Digital Asset Basic Act, which would clarify who may issue stablecoins and the roles that financial institutions, exchanges and non‑bank companies can play. Until those rules are finalized, firms face ambiguity over issuance rights, reserve management, redemption obligations and participation in overseas stablecoin ecosystems. For exchanges like Upbit, supporting a stablecoin could involve listing, custody, liquidity provision, user access, compliance monitoring or technical integration, each carrying different regulatory implications.
Upbit’s response signals that South Korean companies are not rejecting stablecoins outright but are cautious about being publicly listed as participants in a dollar‑backed stablecoin project. The pushback weakens the market impact of Open USD’s launch announcement and underscores the need for the consortium to clarify which companies are active participants, which are evaluating the product, and which have no formal role. As the industry watches, the outcome will influence how quickly Open USD can move from an ecosystem proposal to a live institutional product.
In the coming weeks, observers will monitor whether Open Standard can provide clearer evidence of operational commitments from its announced partners and how South Korea’s pending digital‑asset legislation will shape the regulatory landscape for stablecoin issuance and exchange participation.
Upbit’s spokesperson said the exchange’s involvement had been overstated and that its position was limited to a potential willingness to consider participation in the broader OpenStandard ecosystem in the future. The comment throws a spotlight on Open Standard’s launch claims. Several firms listed as partners have since indicated that their engagement was preliminary, non‑binding or not formally agreed. Samsung, for example, said it had not held formal discussions with the project and was unaware of any expected role.
The distinction between being named a partner and making an operational commitment is critical for stablecoin adoption. Credibility, distribution channels, redemption access and institutional trust all hinge on confirmed commercial arrangements. Open Standard has promised free, unlimited minting and redemption of OUSD and a plan to distribute reserve‑generated earnings to participating companies, but critics question the economic sustainability of the model and the obligations of listed participants.
Circle CEO Jeremy Allaire and ARK Invest research director Lorenzo Valente have both voiced concerns that the project’s early partner list may not yet represent operational adoption. Their remarks echo a broader industry view that a stablecoin can announce a wide business network, but real adoption depends on reliable minting, redemption, holding, transfer and settlement across trusted venues.
South Korea’s regulatory environment adds another layer of uncertainty. The country has not yet enacted the Digital Asset Basic Act, which would clarify who may issue stablecoins and the roles that financial institutions, exchanges and non‑bank companies can play. Until those rules are finalized, firms face ambiguity over issuance rights, reserve management, redemption obligations and participation in overseas stablecoin ecosystems. For exchanges like Upbit, supporting a stablecoin could involve listing, custody, liquidity provision, user access, compliance monitoring or technical integration, each carrying different regulatory implications.
Upbit’s response signals that South Korean companies are not rejecting stablecoins outright but are cautious about being publicly listed as participants in a dollar‑backed stablecoin project. The pushback weakens the market impact of Open USD’s launch announcement and underscores the need for the consortium to clarify which companies are active participants, which are evaluating the product, and which have no formal role. As the industry watches, the outcome will influence how quickly Open USD can move from an ecosystem proposal to a live institutional product.
In the coming weeks, observers will monitor whether Open Standard can provide clearer evidence of operational commitments from its announced partners and how South Korea’s pending digital‑asset legislation will shape the regulatory landscape for stablecoin issuance and exchange participation.
