Samsung, Dunamu Deny Joining OUSD Stablecoin Group Without Consent
Big Korean firms say they were listed as OUSD stablecoin consortium members without agreeing to join, according to a new report.
Image source: The Block
Several major South Korean companies say they were surprised to see their names attached to a new cryptocurrency project — without ever agreeing to be part of it.
According to local outlet Chosun Biz, tech giant Samsung Electronics, Dunamu (the operator of Korea's largest crypto exchange), and others were listed as members of a group backing a new stablecoin called OUSD.
A stablecoin is a type of digital currency designed to always be worth the same as a real-world currency — in this case, one OUSD is meant to always equal one U.S. dollar. This makes it more stable than typical cryptocurrencies like Bitcoin, whose prices swing wildly.
The project is run by a company called Open Standard, which announced a consortium (a group of companies working together) to support OUSD earlier this week.
What the companies are saying:
- Samsung said there were no official talks and it doesn't know what role it would even play.
- Shinhan Financial Group, Dunamu, and Kbank said they were only asked if they'd be interested — and merely replied they would "review the matter" before their names appeared as members.
- One unnamed company said it was "perplexed" after being listed following a casual comment that it would "consider it if things go well."
How OUSD is meant to work: Participating companies could mint (create) new OUSD tokens by depositing real dollars into Open Standard's reserve account. They could later swap the tokens back for dollars with no fees or limits.
The bottom line: This report raises questions about how the OUSD consortium was actually put together. If well-known companies were listed without clear agreement, it could hurt trust in the project before it even launches.
This is an AI-generated summary. Read the original article at: https://www.theblock.co/post/407147/samsung-dunamu-say-they-were-listed-as-ousd-stablecoin-consortium-members-without-official-consultation-report?utm_source=rss&utm_medium=rss