BREAKING: The news that crashed Circle 16% is now being denied by the companies behind it. Open Standard said Tuesday it plans to launch Open USD later this year with support from more than 140 companies, including Visa, Mastercard, Google and Coinbase. It also listed several South Korean companies including Shinhan Financial Group, KB Kookmin Card, K Bank, Samsung Electronics and Dunamu as participants. Open Standard said businesses can mint and redeem Open USD with no fees or limits, while reserve income will be shared among partners, which directly threatened Circle and Tether who controls 80% of the market. Circle $CRCL stock dropped 16.5% after the news as investors feared Open USD could disrupt the stablecoin market dominated by USDC and Tether. Open USD listed 13 South Korean companies among its 140+ partners. However, several told local media they had not formally joined. A Samsung Electronics official said, "There were no official consultations, and we do not even know what role we would play." Shinhan, Dunamu, and K Bank reportedly said they only agreed to review Open Standard's proposal, yet were later listed as alliance members. One company representative said they learned of their inclusion through media reports only. If these reports are accurate, the market may have erased billions from Circle's valuation on an incomplete narrative.