Upbit Denies Open USD Participation After Being Listed Among 140+ Partners

South Korean crypto exchange Upbit said it is not participating in the issuance of Open USD, pushing back after its operator Dunamu was listed among more than 140 businesses involved in the new dollar-backed stablecoin project announced Tuesday. An Upbit spokesperson said the exchange has only indicated potential willingness to consider future participation in the broader OpenStandard ecosystem.

Samsung Electronics and other South Korean companies named in the announcement have similarly clarified that their involvement was preliminary and non-binding. Shinhan Financial Group and KBank also stated they had only indicated willingness to evaluate the initiative, not made operational commitments to issue, support, distribute, or integrate the stablecoin.