Open USD Faces Backlash as 5 Major Korean Partners Deny Involvement

- Samsung, Dunamu, Shinhan Financial, KakaoBank, and K Bank publicly reject alliance role - Circle’s share price plunges over 15% amid controversy and market skepticism On July 3, 2026, Chosun Biz reported that five prominent South Korean companies—Samsung Electronics, Dunamu, Shinhan Financial, KakaoBank, and K Bank—formally denied any official involvement in the newly announced Open USD stablecoin alliance. These leading firms clarified they had no consultations or formal engagement with Open USD, although the alliance had previously claimed their participation. According to Chosun Biz on July 3, 2026, Samsung Electronics stated there were “no official consultations,” while the other firms confirmed they had only reviewed a proposal without making any commitments. As a result, these swift public denials challenged the credibility of Open USD and its ambitions to compete with USDT and USDC. On July 3, 2026, Yahoo Finance reported that the controversy quickly fueled negative sentiment and triggered a steep decline of over 15% in Circle’s share price on July 2, 2026. In addition, Yahoo Finance reported on July 3, 2026, that Circle’s CEO reaffirmed the company’s partnership with Coinbase and emphasized its commitment to integrity during the situation. Meanwhile, Tether USDt (USDT) is trading at $0.999, up 0.004%, and USD Coin (USDC) is at $1, up 0.005%, according to market data reported by Yahoo Finance on July 3, 2026.