Korean Companies Refute Open USD Ties Amid Circle 15% Drop

• Leading South Korean corporations denied formal involvement with Open USD after being named as partners.
• Circle’s shares plunged as the alliance’s credibility faced scrutiny over disputed partner claims.

On July 3, 2026 (UTC), Chosun Biz reported that several major Korean firms surprised the market by denying any formal relationship with the Open USD alliance, following their unexpected inclusion among its listed partners.

In statements to the media, representatives from companies including Samsung Electronics, Dunamu (Upbit), Shinhan Financial Group, KakaoBank, K Bank, Hanwha Life, and multiple card issuers explained they had not engaged in official discussions with Open USD and only became aware of their supposed involvement through public announcements.

While some firms admitted to receiving initial inquiries from Open Standard, the organizer behind Open USD, they stressed that no commitments, partnerships, or roles had been agreed to.

This widespread denial from named partners exposed inconsistencies in Open USD’s disclosures and raised questions about the alliance’s reliability.

According to Yahoo Finance on July 2, 2026, the revelations undermined market confidence in Open USD and contributed to a drop of more than 15% in Circle’s (CRCL) share price amid renewed concerns regarding its competitive standing against stablecoins such as USDC and USDT.

Circle CEO Jeremy Allaire responded with a statement reiterating the strength of Circle’s partnership with Coinbase and the importance of maintaining transparency, as Korean company denials continued to circulate in the media.

As of July 3, 2026, 15:09 UTC, Tether USDt (USDT) traded at $0.999 with a 0.004% change, USDC at $1 with a 0.005% change, and Ethena USDe at $0.998 with a 0.003% change according to market data.