Woofun AI reports that Upbit has explicitly denied current participation in the Open USD issuance, even though its operator Dunamu appeared on a list of over 140 businesses for the new stablecoin initiative. A spokesperson clarified to Cointelegraph that the exchange merely signaled potential willingness to consider future expansion within the OpenStandard ecosystem. This immediate correction follows similar denials from other major entities named in the project's initial rollout.

Corroborating responses emerged from other listed South Korean giants and global partners regarding their actual engagement levels. Samsung Electronics it had not held formal discussions with the project and remains unaware of any expected role. Similarly, Shinhan Financial Group and KBank stated they only indicated a willingness to consider the initiative, while global names like Visa, Mastercard, BlackRock, and Google remain part of the 140-strong roster without confirmed operational details.

Woofun AI data shows that Open Standard announced the dollar-backed stablecoin on Tuesday, claiming over 140 businesses had signed up to use OUSD with fee-free minting and redemption capabilities. Industry skepticism regarding this model is mounting, with Circle CEO Jeremy Allaire questioning the sustainability of unlimited free access. Lorenzo Valente of ARK Invest further characterized the announcement as a "giant" letter of intent rather than a functional launch, noting that South Korea has yet to pass the Digital Asset Basic Act.

The absence of finalized rules on issuance and reserve management prevents South Korean firms from committing to stablecoin ecosystems. As Cointelegraph previously noted, the ongoing debate over whether to limit issuance to banks or include qualified non-bank issuers creates a paralyzing environment for corporate adoption. This regulatory ambiguity remains the primary barrier to the Open Standard initiative gaining traction in the region.