Upbit: Not issuing Open USD, only considering future participation
Upbit clarified it will not issue Open USD and only signalled potential willingness to join the Open Standard ecosystem later, after operator Dunamu appeared on the project’s participant list.
South Korean crypto exchange Upbit clarified it is not participating in the issuance of Open USD and has only indicated a potential willingness to consider joining the Open Standard ecosystem in the future after its operator, Dunamu, was listed among project participants.
Open Standard announced more than 140 businesses had signed up to use a dollar-backed stablecoin called Open USD, naming payment networks, asset managers and technology firms among participants. Dunamu appeared on the roster alongside several global companies, which prompted questions about whether Upbit would act as an issuer or take another role.
Upbit described its involvement as limited to a potential, future interest and said it has not committed to issuing or operating Open USD. Several other South Korean firms named by Open Standard issued similar clarifications. Samsung Electronics reported it had not held formal discussions and did not know what role it would perform. Shinhan Financial Group and KBank indicated they had only expressed that they would consider the proposal.
Open Standard’s plan describes a dollar-backed token that would allow listed businesses to mint and redeem coins without fees or volume limits. The project also said it would distribute earnings generated from reserve assets to participating companies.
Some industry figures questioned whether unrestricted, fee-free minting and redemption is sustainable over time. Circle CEO Jeremy Allaire raised concerns about the model, and ARK Invest research director Lorenzo Valente described the announcement as a large expression of intent rather than a set of binding commitments.
South Korea has not yet passed the Digital Asset Basic Act, a law that would define who may issue stablecoins and the roles companies can play in stablecoin systems. Lawmakers have debated whether issuance should be limited to banks or opened to qualified non-bank issuers. That legal uncertainty affects companies’ ability to make firm commitments on cross-border or large-scale stablecoin projects while rules on issuance, reserve management and participant responsibilities remain under discussion.
Open Standard did not respond to requests for comment before publication. Multiple firms have tempered expectations publicly, and details about Dunamu’s or Upbit’s operational involvement in Open USD remain unclear pending further discussions or regulatory guidance.
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