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Is Ripple USD (RLUSD) halal?

Questionable

No condition fails, but 3 points remain to be verified or fall under a tolerated case.

Verdict calculated by Halal Bourse's published rules from an investigation of primary sources (project documentation, registers, decisions), conducted on 10/07/2026 and not reviewed by a human.

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The asset

stablecoin Issuer: Standard Custody & Trust Company, LLC (a limited purpose trust company chartered by the NYDFS, subsidiary of Ripple Labs Inc.).

Token (Ethereum contract 0x8292bb45bf1ee4d140127049757c2e0ff06317ed, also on the XRP Ledger and other chains) pegged 1 to 1 to the US dollar by Ripple. According to Ripple, $2,509.8 million of RLUSD is in circulation as of October 1, 2026 against $2,633.8 million of reserves; price of 0.9999 USD (CoinGecko, October 7, 2026).

Why this verdict

  1. Permissible purpose : met. RLUSD is a payment and settlement token in dollars, used for cross-border payments, treasury and markets; no main purpose of gambling, interest-bearing lending or impermissible content is found for the token itself (the placement of the reserves is covered in c2).
  2. No riba : to be verified or tolerated case. The RLUSD holder receives no yield under the terms, but the issuer places the reserves in Treasury bills, repurchase agreements, money market funds and deposits, and may withdraw all of the net income; Ripple does not publish the amount of this income.
  3. No gambling : met. The spot purchase is of a transferable token on Ethereum and the XRP Ledger (12,654 holding addresses on Ethereum on October 7, 2026), trading at 0.9999 USD and redeemable 1 to 1 by Ripple customers; it is not a bet on a price difference with no purchase or delivery.
  4. No excessive gharar : met. Rights, reserve rules and redemption are documented; a US accounting firm, not named on the page, publishes a monthly attestation on the circulation and composition of the reserves; the July 2026 one concludes that the market value of the reserve assets is greater than or equal to the tokens in circulation on both dates examined. Limits: the firm is not named, the terms read date from October 2024.
  5. Real ownership : met. RLUSD can be held in a personal wallet, but Ripple may freeze an address, with or without notice, and take back tokens; holding it gives no right over the reserve assets and direct redemption is reserved to Ripple customers.
  6. No fraud or manipulation : to be verified or tolerated case. No sanction against the issuer of RLUSD was found; its parent company Ripple Labs, however, was subject to a final SEC judgment (civil penalty of $125,035,150, unregistered institutional sales of XRP), whose appeals were withdrawn on August 7, 2025: a ground unrelated to the sale of RLUSD, noted at the group level.
    • « Those cross-appeals followed a final judgment by the district court that imposed a $125,035,150 civil penalty against Ripple » SEC (Litigation Release 26369) (2025-08-07)
    • « Ripple will pay a $125 million civil penalty to resolve charges tied to its institutional sales of XRP. » Crypto Briefing (2025-08)
  7. Cas toléré : to be verified or tolerated case. l'émetteur place les réserves à intérêt sans rien verser au détenteur

Tolerance case

T3. Stablecoin whose issuer places the reserves in US Treasury bills, repurchase agreements, money market funds and deposits, has the right to withdraw all of the net income from them and pays nothing to the holder. The share of this interest in the revenue of Ripple (an unlisted company) is not published.

Contract security scan

GoPlus security scan of the RLUSD contract on Ethereum: 12,769 holders; top ten wallets excluding exchanges and contracts 33.7%; code published. Signals found: Contract upgradeable through a proxy: the code can change after the fact (is_proxy). Reading (rule A.8): issuer identified and regulated (Standard Custody & Trust Company, supervised by the NYDFS); the upgradeable contract is a practice of a regulated issuer; GoPlus does not fill in the mint and blocking fields (“?”), but the code read on Blockscout contains minting reserved to the minter role, account pausing and the taking back of tokens (clawback), which are issuer powers and not rug pull signals; the 33.7% share of the top ten wallets excluding exchanges does not exceed 50%.

Opinions found during the research

Opinions reported as read, named for what they are; they do not enter into the calculation of the verdict.

What could not be verified

Sources read

Other cryptos analyzed

General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology