Key takeaways
- Open Standard reportedly listed companies like Samsung without consent, damaging the credibility of its stablecoin OUSD.
- Several companies have denied signing any deals, leading industry experts to question the reality of the consortium.
- Circle CEO criticized the misleading announcements, highlighting the lack of integrity in the OUSD launch.
Open USD plunged into unapproved inclusion scandal with companies like Samsung
Open Standard, the consortium behind Open USD, a new stable coin supported by more than 140 companies and institutions, faces allegations of circumventing procedures by adding partners to the initiative.
Reports indicate that some of the companies listed under this consortium, which supports the issuance of a new USD stablecoin with the support of traditional and crypto finance companies, have not approved being listed as supporters of the project.
Tony Chung of Blockmedia, who was the first to point out that 13 Korean companies were partners in the Open USD project, said that some of these companies did not know why they were included in the consortium announcement.
“Samsung Electronics was categorical that there had been no formal discussion and that it did not know what role it would play. Shinhan, Dunamu and K Bank said that Open Standard had asked about participation, they said they would ‘consider it’, and then found their names listed as members of the consortium,” he revealed. As of this writing, these companies remain listed as partners.
Furthermore, Chung revealed that some of these companies discovered their alleged participation in Korean media and were informed of their alleged participation in Korean media. “disconcerted” emphasizing that they would review the project if it worked.
Tether advisor Gabor Gurbacs also spoke with some of these partners, who told him that they never signed or agreed to anything. “Either the media has seriously misrepresented something, or the list of participants is misleading. » he assessed.
“One specifically said that they were told that Stripe and Visa would change their terms, that the new stablecoin would be one of the accepted assets and that this could be a way for them to interact with it in the future. But no contracts or anything, just discussions.” Gurbacs was revealed.
Big Whale CEO Raphaël Bloch contacted some of the companies that had announced their intention to join the initiative, and no one within the institutions knew what the initiative actually was. “It looks like a strong announcement effect with little operational reality behind it” » he declared.
“Integrity matters” » posted Jeremy Allaire, CEO and co-founder of Circle, one of the companies estimated to be affected by the upcoming OUSD launch. The new stablecoin is expected to launch later this year.
