Upbit and Other South Korean Companies Deny Formal Involvement in OUSD Stablecoin Plan
The OUSD stablecoin alliance previously listed Upbit operator Dunamu, Samsung Electronics, Shinhan Financial Group and KBank as participating companies, drawing market attention. Endorsement by major financial and technology institutions would directly affect the stablecoin’s credibility, regulatory progress and potential scale of adoption.
Several of the named companies have recently issued clarifications. Upbit said Dunamu had only expressed interest in possible future cooperation and was not yet participating. Samsung Electronics, Shinhan Financial Group and KBank also said they had held no formal discussions or were still evaluating the proposal. Existing reports provide no formal entry date, launch schedule or issuance amount.
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The history behind this eventCircle, Upbit Parent Dunamu Sign MOU to Expand in South Korea’s Stablecoin Market
Circle issues the U.S. dollar stablecoin USDC, while Dunamu operates Upbit, South Korea’s largest crypto-asset exchange. The country has about 17 million crypto investors, and AI applications are becoming widespread. Visa and local financial institutions therefore see South Korea as an important testing ground for stablecoin payments and digital financial services.
Circle and Dunamu have signed a comprehensive memorandum of understanding to jointly study stablecoin operating models, promote blockchain applications and support digital-asset education. The companies aim to use Upbit’s market presence to expand USDC use cases in South Korea. They did not disclose the exact signing date, investment amount or a firm timetable for product launches.
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