SS #115 - Samsung, Dunamu Deny OUSD Consultation

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Good morning.

Open Standard’s ambitious bid to challenge Tether and Circle is facing an early legitimacy crisis. Despite listing tech and finance giants like Samsung and Dunamu as part of its 140+ member OUSD stablecoin consortium, several South Korean firms have publicly pushed back, claiming they never formally agreed to participate. With some partners learning of their inclusion only through the news, Open Standard’s massive coalition looks less like a locked-in alliance and more like a front-loaded PR stunt.

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In Today's Edition:

• Headline: Samsung, Dunamu Deny OUSD Consultation

• Quick Bites: USDC is Leaving Tether Behind in Volume

• Yield of the Week: msUSD-frxUSD LP's 17.4% APY

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HEADLINE

State of play: Samsung Electronics, Dunamu, and other South Korean firms listed as consortium members for the proposed stablecoin OUSD say they never formally agreed to participate, with one firm learning of its inclusion only through local news.

• Samsung told Chosun Biz there was no official consultation and it does not know what role it would play.

• Shinhan, Dunamu, and Kbank said they only agreed to review Open Standard's inquiry before being listed as members.

• The OUSD consortium includes Visa, Mastercard, BlackRock, and over 140 other participants, structured outside a DAO or shareholder model.

• Open Standard plans to distribute reserve management revenue to partners, differing from Tether and Circle's retained earnings model.

What’s Next: Open Standard will need to clarify actual commitments before OUSD's planned launch, especially as more members push back.

Why it Matters: A stablecoin consortium listing major firms like Samsung and Visa depends on credibility, so public denials undercut legitimacy before launch.

Our Take: Listing 140+ participants before locking down agreements looks like front loaded PR against Tether and Circle. Getting called out this early suggests the consortium was oversold.

QUICK BITES

• Banks have stopped asking if stablecoins belong in finance.

• USDC is leaving Tether behind in the stablecoin volume race.

• Samsung, Dunamu say they were listed as OUSD members unconsulted.

• Russian stablecoin claims it processes billions, but blockchain analysts disagree.

YIELD OF THE WEEK

msUSD-frxUSD LP: 17.4% APY

• The vault accepts frxUSD/msUSD Curve LP token deposits and automatically compounds trading fees and CRV emissions from the frxUSD/msUSD Curve pool, with ~$1.28M in TVL and a 30-day APY of 15.0%.

• Capital is fully deployed into the CurveBoostedFactory-FrxMsUSD strategy at 100% allocation with a 2.41x boost, earning boosted CRV rewards through Curve's gauge system on the frxUSD/msUSD stable pair.

• Yield is generated from Curve trading fees and CRV gauge emissions, compounding automatically through share price appreciation at 17.4% APY, net of a 10% performance fee and 0% management fee.

  
  

WOUSD/OUSD LP: 14.3% LP APY

• The pool accepts WOUSD deposits, a wrapped non-rebasing vault token backed by Origin's OUSD stablecoin, maturing December 17, 2026, with ~$1.77M in pool liquidity.

• Capital is split across WOUSD SY (~$1.42M, 80.49%) and PT WOUSD (~$345k, 19.51%), earning a blended yield from underlying OUSD strategies and LP fees.

• Yield is generated from Origin's underlying stablecoin strategies accruing through exchange rate appreciation, with LP APY composed of 14.23% OUSD yield and 0.06% LP fees.

Concrete DeFi USDT: 8.5% APY

• The vault accepts USDT deposits and deploys capital across delta-neutral arbitrage strategies on perp DEXs, borrow/lend protocols, and AMMs, with ~$38.5M in total deposits and a 7-day withdrawal queue.

• Capital is allocated across USDT (50.57%), USDai (17.97%), USDe (14.90%), USDS (14.59%), and PT-sUSDai-15OCT2026 (1.94%), with 12% of TVL kept available for withdrawals at any time.

• Yield is generated from delta-neutral arbitrage strategies targeting funding spreads and market inefficiencies, delivering a target APY of 8.5% while also earning Concrete Points.

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