{"id":74901,"date":"2026-07-03T17:10:38","date_gmt":"2026-07-03T17:10:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/consortium-faces-allegations-of-faking-key-stablecoin-partnerships\/"},"modified":"2026-07-03T17:10:38","modified_gmt":"2026-07-03T17:10:38","slug":"consortium-faces-allegations-of-faking-key-stablecoin-partnerships","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/consortium-faces-allegations-of-faking-key-stablecoin-partnerships\/","title":{"rendered":"Consortium Faces Allegations of Faking Key Stablecoin Partnerships"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Open Standard allegedly listed firms like Samsung without consent, damaging the credibility of its OUSD stablecoin.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Multiple companies denied signing agreements, causing industry experts to question the consortium\u2019s reality.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Circle\u2019s CEO criticized the misleading announcements, highlighting the lack of integrity in the OUSD launch.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Open USD Immersed in Unapproved Inclusion Scandal With Companies Like Samsung<\/h2>\n<p>Open Standard, the consortium behind Open USD, a new <span>stablecoin<\/span> backed by over 140 companies and institutions, faces allegations of sidestepping procedures in adding partners to the initiative.<\/p>\n<p>Reports indicate that some of the firms listed as part of this consortium, which backs the issuance of a new USD <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoin<\/a> with support from both traditional and <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> finance companies, did not approve being listed as project supporters.<\/p>\n<p><\/p>\n<p>Blockmedia\u2019s Tony Chung, who first pointed out that 13 Korean firms were partners in the Open USD project, said that some of these companies did not know why they were included in the consortium announcement.<\/p>\n<p><strong>\u201cSamsung Electronics said flatly there was no formal discussion and it doesn\u2019t know what role it would play. Shinhan, Dunamu, and K Bank said Open Standard asked about participation, they said they\u2019d \u2018consider it,\u2019 and then found their names listed as consortium members,\u201d <\/strong>he <a href=\"https:\/\/x.com\/jayc_BM\/status\/2072900716805730446?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">revealed<\/a>. At the time of writing, these companies remain <a href=\"https:\/\/joinopenstandard.com\/partners\" target=\"_blank\" rel=\"noopener noreferrer\">listed<\/a> as partners.<\/p>\n<p>Furthermore, Chung disclosed that some of these companies found out about their alleged participation in Korean media and were <strong>\u201cbaffled,\u201d<\/strong> stressing they would take a look at the project if it worked out.<\/p>\n<p>Tether advisor Gabor Gurbacs also spoke to some of these partners, who told him that they never signed or agreed to anything. <strong>\u201cEither the media deeply twisted something or the participant list is misleading,\u201d<\/strong> he <a href=\"https:\/\/x.com\/gaborgurbacs\/status\/2072984562561360318?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">assessed<\/a>.<\/p>\n<p><strong>\u201cOne of them said specifically that they were told that Stripe and Visa will change their terms that the new stablecoin will be one of the accepted assets and that may be a way they could potentially interact with it in the future. But no contracts or anything just discussions,\u201d<\/strong> Gurbacs disclosed.<\/p>\n<p>The Big <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-bitcoin-whales\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Whale<\/a>\u2019s CEO, Rapha\u00ebl Bloch, contacted some of the companies that had posted they would join the initiative, and no one inside the institutions knew what the initiative really was. <strong>\u201cIt looks like a strong announcement effect with little operational reality behind it,\u201d <\/strong>he <a href=\"https:\/\/x.com\/Raph_Bloch\/status\/2073034636867846173?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">stated<\/a>.<\/p>\n<p><strong>\u201cIntegrity matters,\u201d<\/strong> <a href=\"https:\/\/x.com\/jerallaire\/status\/2073021554166841701?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">posted <\/a>Jeremy Allaire, CEO and co-founder of Circle, one of the companies estimated to be affected by the future launch of OUSD. The new <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoin<\/a> is expected to be <a href=\"https:\/\/news.bitcoin.com\/140-firms-including-coinbase-and-ripple-launch-the-new-open-usd-stablecoin\/\">launched<\/a> later this year.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/open-usd-backlash-consortium-faces-allegations-of-faking-key-stablecoin-partnerships\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Open Standard allegedly listed firms like Samsung without consent, damaging the credibility of its OUSD stablecoin. Multiple companies denied signing agreements, causing industry experts to question the consortium\u2019s reality. Circle\u2019s CEO criticized the misleading announcements, highlighting the lack of integrity in the OUSD launch. Open USD [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":74902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74901"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74901"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74902"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}