Is this crypto halal? Shariah screening report
Ethena USDe
USDe
- Price
- $1
- Market cap
- $4.08B
- Circulating supply
- 4,075,707,723.442
- 24h change
- 0.02%
Report generated 8/27/2026, 6:34:27 PM · stored corpus assessment · confidence 88%
Crypto Halal Report Criteria
We use a disciplined framework to determine if a digital asset is Comfortable from a sharia perspective, based on three core pillars.
Purpose & Real-World Value Flagged
The primary purpose of USDe is to serve as a stablecoin that maintains its peg through market-neutral strategies rather than traditional collateralization. The protocol aims to provide a more capital-efficient stablecoin solution while generating sustainable yields for users.
Honesty & Founder Intent Clear
The project includes a native token (ENA) for governance, with allocations to the team, investors, and community. The team's tokens are subject to a vesting schedule to align long-term incentives.
Dealing with Risk & Speculation Clear
Speculative trading of a real asset is treated as trade, not gambling, under the screening framework.
Crypto Overview
Purpose and Utility
The primary purpose of USDe is to serve as a stablecoin that maintains its peg through market-neutral strategies rather than traditional collateralization. The protocol aims to provide a more capital-efficient stablecoin solution while generating sustainable yields for users.
Business Model
The core mechanism involves users depositing ETH as collateral, which is then used in a delta-neutral strategy combining spot ETH positions with perpetual futures. The protocol earns revenue through ETH staking rewards and perpetual futures funding rates. Development and Adoption Ethena launched in March 2024 and has seen rapid adoption, with the total supply of USDe growing significantly. The protocol has undergone security audits and maintains active development.
Token Distribution
The project includes a native token (ENA) for governance, with allocations to the team, investors, and community. The team's tokens are subject to a vesting schedule to align long-term incentives.
Rating Justification
UncomfortableAfter careful analysis, USDe's core mechanism involves elements that are not compatible with Islamic finance principles. The main concerns are: 1. The use of interest-bearing perpetual futures contracts as a fundamental part of the protocol's design. 2. The yield generation mechanism relies heavily on lending and interest-based activities. 3. The delta-neutral strategy, while innovative, still depends on financial instruments that involve riba. While the project shows strong technical foundation and legitimate utility as a stablecoin, its fundamental reliance on interest-based mechanisms makes it incompatible with Shariah principles.
Comparable assessments
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Disclaimer: These reports are findings of AI analysis and cannot be guaranteed to be accurate. Ratings reflect opinions derived from automated criteria applied to the sources you submitted and a corpus of prior assessments. This is not a fatwa and does not determine Islamic law. Ratings may change as projects evolve. Always conduct your own research before investing.
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