Upbit Denies Active Participation in Open USD Initiative

South Korean crypto exchange Upbit has clarified its involvement in the Open USD stablecoin initiative. The operator of Upbit, Dunamu, was listed among over 140 businesses participating in the project, but Upbit says it only expressed interest in future participation.

In a statement to Cointelegraph, an Upbit spokesperson said the exchange had 'only indicated our potential willingness to consider taking part in the future expansion of the Open Standard ecosystem.'

This clarification follows similar pushback from other South Korean companies listed by Open Standard, including Samsung Electronics and Shinhan Financial Group. These companies also stated that they had only indicated their consideration for participating in the initiative.