Is Axis USD halal?
Axis USD is a stablecoin designed to keep a steady value against a currency such as the US dollar. It is issued as a token on Ethereum.
Axis USD fails a hard rule of our screen on the Riba-free criterion (15 out of 100). Tagged as tokenised treasuries or yield-bearing stablecoins. The return comes from interest-bearing debt.
Shariah screen result
mean of the five criteria
Tagged as tokenised treasuries or yield-bearing stablecoins. The return comes from interest-bearing debt.
Fairly small (market value about $67.1 million). Smaller markets move more easily.
Nothing in its public tags points to gambling-style mechanics.
It is meant to be backed one-for-one by reserves.
Holding and sending a stable digital currency is a permissible use.
How this was made: we scored the coin's public category tags and market size against the same five criteria and thresholds we use in our reviewed screen. Nobody has yet read its whitepaper or checked its revenue. This is a screening result, not a fatwa. Scholars may reach different views, so check with a qualified scholar before relying on it.