Open USD Stablecoin Partners Deny Ties Amid Credibility Crisis

Open USD, a dollar-pegged stablecoin launched this week with over 140 corporate partners, including major Korean financial companies and tech giants like Visa and Mastercard.

The company's credibility is now being tested as several partner firms have denied any formal ties to Open USD. Samsung Electronics and other Korean firms listed as members said they never signed on or agreed to anything.

According to Chosun Biz, a Samsung official stated that there were no official consultations with Open Standard, the company behind Open USD, and that Samsung does not know what role it would play in the consortium.

The case echoes the failed Libra consortium launched by Facebook in 2019, which debuted with 28 founding members but lost several key partners within four months. The stakes are high for Open USD as its revenue sharing could pressure USDC yields in decentralized finance (DeFi).