Halal Bourse

Home › Crypto › United Stables

Is United Stables (U) halal?

Questionable

No condition fails, but 4 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.

Open the evidence file

The asset

stablecoin Issuer: United Stables Limited, a British Virgin Islands company, issues $U; United Stables Holdings Limited (Cayman Islands, incorporated in 2025) manages the cash reserves; the USDC portion is held by Ceffu; according to a collaborative encyclopedia, the chief executive is Athena Yu (formerly of Binance and Ceffu); Ceffu's press release names the issuer “United Stables Holding (BVI)”: the two names differ. The token is not authorized under MiCA, under the GENIUS Act, or under the Hong Kong regime, and its website excludes residents of the European Union, the United States and Hong Kong.

Digital token pegged to the US dollar at 1 $U to 1 USD, backed according to the issuer by bank cash, short-term time deposits, US Treasury bills of six months or less and stablecoins such as USDC, launched on December 18, 2025 on BNB Chain and Ethereum (also on Tron and Robinhood Chain). About 1.54 billion tokens are in circulation on October 7, 2026 according to CoinMarketCap.

Why this verdict

  1. Permissible purpose : met. $U is used to hold and settle dollars on BNB Chain, Ethereum and other blockchains, with integrations into decentralized finance protocols and wallets from its launch; no main purpose of gambling, interest-bearing lending or impermissible content is found for the token itself (the issuer's investment of the reserves is addressed under c2).
  2. No riba : to be verified or tolerated case. According to the white paper, the $U holder is entitled to no interest, but the reserves include short-term time deposits and US Treasury bills of six months or less, whose proceeds the issuer receives (the share is not published). Secondary sources (BingX, ShariaQuant) write on the contrary that the reserve proceeds are passed on automatically to holders, without support from an issuer page: the point cannot be settled with the pages read.
  3. No gambling : met. The spot purchase is of a token transferable on public blockchains, quoted at about 0.999 USD on October 7, 2026 according to CoinMarketCap; it is not a bet on a price difference without purchase or delivery. Direct redemption for dollars is open only to eligible institutions (see c4).
  4. No excessive gharar : to be verified or tolerated case. The issuance rules and the target composition of the reserves are described in the white paper, which announces continuous proof of reserves (Chainlink) and quarterly attestations from unnamed firms; no attestation report could be read. The white paper states that account segregation creates no trust, no property right and no priority in the event of insolvency for holders, that the token is not a claim on the issuer, and that redemption, reserved for eligible institutions, may be delayed, restricted or suspended: the holder's rights cannot be verified as a claim on the reserves.
    • « does not create a statutory trust, fiduciary duty, proprietary right, or priority claim in favour of $U holders » United Stables (livre blanc) (2026-10-07)
    • « redemption may be delayed, restricted, or suspended due to operational, regulatory, banking, market, or compliance requirements » United Stables (livre blanc) (2026-10-07)
  5. Real ownership : met. $U is held in a personal wallet, but the contract is upgradeable through a proxy, includes a pause and freeze function, and its privileged functions are entrusted to a multi-signature wallet (4 of 6 according to the white paper; ShariaQuant reads 2 of 4 in the BNB Chain contract, a disagreement not settled).
  6. No fraud or manipulation : to be verified or tolerated case. No sanction against the issuer and no established deception of buyers was found. Points to be verified: two press articles report price drops to 0.023 USD (July 7, 2026) and to 0.08 USD (July 26, 2026), which CoinGecko's 120-day daily series (lowest price: 0.9988) does not show, a disagreement left unexplained; the token is not authorized under any stablecoin regime and its website excludes the European Union; no named audit or attestation report was read; the top ten non-platform wallets hold 87.8% of the supply on BNB Chain.
  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 short-term time deposits and US Treasury bills, receives the proceeds and, according to its white paper, pays nothing to the holder (no right to interest). The impermissible share as a percentage is not published. Reservation: two secondary sources write that the reserve proceeds are passed on automatically to holders, which would rule out T3; the issuer's white paper says the opposite and no issuer page describes such a pass-through.

Contract security scan

GoPlus security scan of the U contract on BNB Chain: 80,090 holders; top ten wallets excluding platforms and contracts 87.8%; code published; token on GoPlus's trust list. Signals found: contract upgradeable through a proxy (is_proxy); top ten wallets at 87.8% of the supply. On Ethereum (first scannable contract): a single holder address, top ten wallets at 100%, contract upgradeable through a proxy, code published, token absent from the trust list. Reading (rule A.8): issuer named and incorporated as a company, but not authorized; the upgradeable contract, the pause and the freeze are issuer powers described by the white paper, read as such under this reservation; GoPlus does not report the minting, blacklist and pause fields (“?”). Concentration alone is information.

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