Islamic | Crypto

The certification could expand access to Tether’s gold-backed token among Islamic financial institutions and investors seeking Shariah-compliant exposure to physical gold. Tether’s gold-backed token XAUt has received Shariah certification from Amanah Advisors, a move that could expand access to the token among Islamic financial institutions and investors seeking Shariah-compliant exposure to physical gold. The certification found XAUt’s structure complies with key Islamic finance principles, including full backing by physical gold, the absence of interest and leverage, and transparent reserves. Each XAUt token represents one troy ounce of physical gold stored in Swiss vaults, according to Tether. The designation gives Tether a clearer pathway to market XAUt to Islamic financial institutions and investors that require Shariah-compliant investment products. Tether said it expects the certification to support adoption across markets where Islamic finance is widely used, including the Gulf Cooperation Council, So...

The Shariah-compliant stablecoin backed by Gulf currencies expands to a new Layer 2 network aimed at institutional settlement in the Middle East. PUSD, a Shariah-compliant stablecoin backed by Gulf currencies, is set to deploy on ADI Chain, a Layer 2 network focused on institutional settlement in the Middle East. According to an announcement shared with Cointelegraph, the stablecoin has about $2.3 billion in circulation and is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, which are pegged to the US dollar.  It is already available on multiple blockchains, including Ethereum, BNB Chain, Solana and Tron, with ADI Chain marking its latest integration. The stablecoin is positioned to provide access to Islamic finance markets, which represent more than $3 trillion in assets globally, according to the announcement from the ADI Foundation. Read more