Sky

SKY has a real function, governing a working stablecoin protocol, but that function is to run interest-based lending, and official bodies disagree on whether crypto is property (mal).

SKY is not an empty record: it is the voting token of a protocol with about $10 billion of USDS in circulation in June 2026 and about $12.3 billion of collateral, and it can be staked and used as collateral. That supports treating it as having value. Two things keep this at caution. First, the function SKY governs is setting the terms of interest-based loans and the savings rate, so its utility is tied to an impermissible activity. Second, tier-1 religious bodies disagree on whether cryptocurrency is property (mal) at all: some accept it under conditions, others hold it is not.

SKY is not a gambling token, but its market value rests largely on expectations about protocol revenue and buybacks.

Maysir means gambling or pure speculation; ordinary price swings are not maysir. SKY has a real governance and staking function, so it is not built for gambling. Its market value, however, rests largely on expectations about protocol revenue and buybacks, and it trades about 25% below its December 2024 high. CryptoUmmah rates maysir doubtful: it finds Sky a real lending and stablecoin platform rather than a gambling mechanism, but notes some speculative trading of SKY on secondary markets.

Code, supply and governance votes are public, but a growing share of capital sits with off-chain credit and agent strategies that are harder to check.

Gharar means excessive uncertainty. Much of Sky is transparent: the contracts are open source, the SKY supply of about 23.46 billion is visible on-chain, the MKR conversion rate is fixed at 1:24,000, and governance decisions are public on-chain votes. Sky also publishes monthly financial updates. The uncertainty comes from elsewhere. More than $5.5 billion was deployed by Sky's agents by June 2026, including tokenised credit and funds whose underlying assets sit off-chain; CryptoUmmah points to incomplete audit coverage of newer real-world-asset lending modules.

Sky provides open, transparent dollar stablecoins, but it spreads interest-based credit and savings on a large scale.

Maslahah weighs public benefit against harm. Sky gives anyone access to decentralised dollar stablecoins with public collateral and publishes its finances. At the same time its whole economy runs on interest: it lends at interest, pays interest on savings, and in June 2026 alone paid $17.49 million of yield to sUSDS depositors. Its growing allocations to Treasuries and institutional credit add off-chain risk. The benefit is real, but so is the harm from an Islamic finance point of view, so this criterion is at caution.