140-Company OUSD Alliance Claim Wobbles After Samsung Denial

Samsung has denied any formal partnership with the Open USD (OUSD) stablecoin project, according to BeInCrypto, undercutting claims that the initiative had assembled a coalition of roughly 140 companies. The denial follows similar pushback from other major South Korean firms named in connection with the project, raising questions about how OUSD has represented its industry backing.

Named firms distance themselves from the project

According to BeInCrypto, Samsung is the latest and most prominent company to publicly reject association with Open USD, a stablecoin initiative that had marketed itself as backed by a large alliance of businesses. The report notes this comes after other South Korean firms had already disputed being formal members of the consortium, suggesting a pattern rather than an isolated miscommunication.

ElrondScan has previously reported that Samsung and Dunamu, the operator of South Korea’s largest crypto exchange Upbit, both denied playing a formal role in the OUSD consortium. The recurrence of such denials from separate, well-known companies adds weight to concerns that OUSD’s promotional materials may have overstated the depth or formality of its corporate relationships.

A test for the 140-company alliance claim

The core tension, as described by BeInCrypto, is between OUSD’s public claim of a roughly 140-company alliance and the growing list of firms saying they never signed on to any such formal arrangement. When a company as globally recognized as Samsung disputes its inclusion, it inevitably invites scrutiny of the entire list, since investors and partners typically rely on such alliance claims as a signal of legitimacy and adoption.

Stablecoin projects often lean on high-profile corporate names to build credibility quickly, particularly when competing against established players. Open USD’s positioning appears to have been built in part on the perception of broad institutional support, making these denials potentially damaging to the project’s narrative even if the underlying stablecoin technology or reserves are unaffected.

Context: Circle and the wider stablecoin competition

The controversy arrives amid intensifying competition in the stablecoin sector, where incumbents like Circle’s USDC face a wave of new entrants seeking to capture market share, particularly in Asia. ElrondScan previously reported that Circle’s shares rebounded as South Korean firms denied joining the Open USD rival, indicating that market participants have been closely watching whether OUSD could emerge as a credible regional challenger.

Repeated denials from firms like Samsung and Dunamu may complicate that positioning, since a stablecoin’s usefulness often hinges on real, verifiable integrations with banks, exchanges, and consumer platforms rather than headline alliance numbers. Whether Open USD can clarify the actual scope of its partnerships, or will need to revise its public claims, remains to be seen.

Read more: Samsung, Dunamu Deny Formal Role in OUSD Stablecoin Consortium