Open USD, which claimed to have support from 140 companies, just tanked Circle's stock price by 17%, and now it’s collapsing. On July 3, South Korea’s Chosun Ilbo reported that Samsung Electronics stated it had never formally negotiated with Open Standard and wasn’t clear about its role in the alliance. Upbit’s parent company Dunamu, Shinhan Financial, and K Bank all shared the same story: they only received an inquiry expressing interest, replied that they’d consider it, and the next day saw themselves listed as OUSD alliance members in the news. Dunamu only found out it was part of the OUSD alliance through domestic media reports. VanEck’s Gabor Gurbacs tweeted that several companies on the list are his clients. He called them directly, and they said they had never signed or agreed to anything. Circle CEO Jeremy Allaire responded with just two words: Integrity issues. The core supporters of OUSD, Stripe and Coinbase, seem to be making more substantial commitments. Stripe stated that OUSD will become the default stablecoin on its platform, and Coinbase confirmed it will deploy OUSD on the Base chain. But the credibility of that “140 companies” figure needs a major downgrade. Circle’s 17% stock drop on June 30 was partly fueled by exaggerated competitive threats. The stock has since partially rebounded.