Upbit Clarifies Stance on Open USD Stablecoin Initiative

South Korean crypto exchange Upbit has clarified its stance on Open USD, a new stablecoin initiative announced by Open Standard. According to an Upbit spokesperson, the exchange had only expressed interest in potentially participating in the future expansion of the OpenStandard ecosystem.

This clarification comes after similar statements from other South Korean companies listed as part of the initiative, including Samsung Electronics and Shinhan Financial Group. These companies had reportedly said they would consider participating but had not committed to doing so.

The uncertainty surrounding the regulatory framework for stablecoins in South Korea may be contributing to the hesitation of these companies. The Digital Asset Basic Act has yet to be passed, leaving questions over who can issue stablecoins and what roles companies can perform.