South Korean Giants Samsung, Dunamu Question Inclusion in OUSD Stablecoin Consortium
Highlights
- A Samsung official said there were no official consultations with them on the OUSD stablecoin consortium.
- Dunamu said that they were asked about their interest in the consortium and said they will review it.
- Other South Korean firms such as K-Bank raised similar concerns.
South Korean firms such as Samsung and Dunamu have raised confusion about their inclusion in the OUSD stablecoin consortium. Open Standard had named these firms among the founding partners for the upcoming stablecoin, which focuses on shared governance among its partners.
Samsung And Dunamu Distance Themselves From OUSD Stablecoin
According to a Chosun report, several South Korean companies have said that they have not held official consultations with the OUSD issuers, Open Standard, despite being named as founding partners. A Samsung official said that there were no official consultations and that they do not know what role they will play in the consortium.
Meanwhile, Dunamu, Shinhan, and K-Bank revealed that Open Standard had asked them about participating in the launch of the OUSD stablecoin. However, they said they would review the request and had yet to give it the nod.
Interestingly, a company official said they learned of their inclusion in the OUSD alliance from domestic news. “We had merely responded to OpenStandard’s expression of interest by saying we would consider it if things went well,’ adding, We are perplexed to be included as a member,” they said.
As CoinGape reported, Open Standard announced the planned launch of the OUSD stablecoin earlier this week. The issuer had listed over 140 firms as founding partners of the consortium, with these firms set to govern collaboratively on the board and share earnings from the stablecoin’s reserves.
CRCL Stock Rebounds Following Crash
The Circle stock rebounded following the crash it recorded after the announcement of the OUSD stablecoin. As CoinGape reported, the CRCL stock crashed by double digits as it also saw removal from several Russell indexes.
The crypto stock climbed as much as 4% yesterday, rising to $64, according to TradingView data. The stock also notably rallied along with other crypto stocks, which rebounded as the Bitcoin price rose to $62,000.
The comments from the South Korean firms raise questions about the foundation of the OUSD stablecoin, which could be a positive for the CRCL stock. Following the announcement of the planned launch, Circle’s CEO, Jeremy Allaire, noted that consortia such as Open Standard have had little success in the past as they suffer from slow decision-making and misaligned incentives.
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