Stable
STABLE#91STABLE is the staking and governance token of Stable, a layer-1 blockchain where fees are paid in USDT instead of a separate gas token.
- Market cap
- $749.09M
- Volume 24h
- $8.09M
- All-time high
- $0.04324
- −35.24% from ATH
- Circulating supply
- 26.71B of 100B
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), business model, excessive uncertainty (gharar), and usage.
- 3 pass
- 5 caution
- 0 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Stable?8 Shariah criteria
3 pass · 5 caution · 0 failHolding STABLE pays nothing; staking may earn a share of USDT network fees, which pays for validation rather than interest on a loan.
Riba means interest or any guaranteed increase on a loan. Simply holding STABLE earns nothing, and there is no inflation: all 100 billion tokens were issued at launch and no further issuance is possible. The only native return is from staking. Gas fees on Stable are paid in USDT0 and collect in a treasury managed by smart contracts; validators may choose to distribute these fees to the holders who delegate STABLE to them, in proportion to their stake.
That is a share of service fees for securing the network, not a return on lending, and it is not guaranteed: it depends on network usage and on the validator's choice. Some scholars see passive delegation as borderline, and the rewards are paid in USDT, whose issuer earns interest on its reserves, though that interest is not passed to STABLE stakers. Interest does appear around STABLE on lending platforms, but that is judged under trading mechanisms.
Stable is a working network, but STABLE is not needed to use it, and official religious bodies disagree on whether cryptocurrency is property (mal).
Mal is property that Islamic law recognises as having value and that can be owned and traded. Stable is a live network: its mainnet has run since 8 December 2025 and was upgraded to v1.8.0 in August 2026. But STABLE's own utility is narrow. Fees are paid in USDT0, and the whitepaper says users can transact without ever holding STABLE; the token is used for staking, validator coordination and governance votes. Its value therefore depends on the network's fees and on governance rights, not on everyday use.
Malaysia's Securities Commission Shariah Advisory Council (2020), for assets under its supervision, treats digital currency without an underlying asset as goods ('urudh) that may be traded on registered exchanges. Other tier-1 bodies disagree: Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit dealing in cryptocurrencies, and the OIC Fiqh Academy (2019) deferred a ruling. None of them names Stable. With limited utility and a disagreement among authoritative bodies, this criterion cannot be 'pass'.
STABLE is not a gambling token, but perpetual futures trade about 7.8 times as much as spot at the venues we sampled.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and STABLE has no chance-based payout of its own. The market around it is heavily speculative, though. On 27 September 2026, STABLEUSDT perpetual futures on Binance and Bybit turned over about $3.75 million in 24 hours, against about $0.48 million of spot trading on Bithumb, Bybit, MEXC, Gate and Kraken combined, roughly 7.8 times more (a single-day snapshot that does not cover every venue). Binance offers STABLE only as a perpetual, not as a spot pair.
The price has swung widely, from a low of about $0.0092 two weeks after launch to a high of about $0.043 in May 2026. A real function exists alongside this: STABLE is the staking and governance token of a working network, so the asset is not built for gambling.
Network income is USDT gas fees for processing transactions, which is permissible, but how the treasury and the Foundation hold and use their funds is not disclosed.
This criterion asks how the issuer or protocol earns, and whether any of that income is impermissible. The protocol's income is gas fees paid in USDT0, which are service fees for processing transactions; they collect in a treasury managed by smart contracts and may be shared with stakers. STABLE was issued by a private interest foundation in Panama, and the Stable Foundation holds the 40% ecosystem allocation, including an 11% validator allocation.
The whitepaper gives STABLE holders votes on 'treasury allocations', but neither the docs nor the whitepaper say how treasury USDT or Foundation assets are held, or whether they earn interest, for example in T-bill products or lending vaults. ShariaQuant, which rates STABLE halal, flags the same point: the treasury's interest exposure is unknown. The company building Stable is funded by a $28 million seed round led by Bitfinex and Hack VC. Because the revenue mix of the treasury and Foundation cannot be checked against the 5% threshold, the status is caution.
Supply is fixed, but the node code is not public, the validator set is not disclosed, and 82% of supply is locked under a schedule rewritten in August 2026.
Gharar is excessive uncertainty or hidden information in a deal. Some things are clear: the supply is fixed at 100 billion STABLE with no further issuance, and the allocation and unlock dates are published. Several things are not. First, the node software is distributed as binaries; the GitHub link given for the project returns 404, and the public repositories hold docs and tooling, not the node source. Second, the docs describe open validator registration but do not state how many validators run the network or who they are. Third, 82 billion STABLE (82%) is locked.
Whitepaper v2.0 of 14 August 2026 replaced the original one-year cliff and linear vesting for team and investors with a 'Universal Lock' that releases all locked tokens in seven stages from 8 December 2027 to 8 December 2029, with deferrals if the price is below $0.025. Team and investors hold 50% of supply, and locked tokens vote. Fourth, CoinGecko reports about 26.7 billion STABLE circulating, while the whitepaper counts 18 billion in circulation at the 5 October 2026 Effective Date and says Foundation tokens unlocked above the 8% day-one figure are relocked then, without saying how many; the docs tokenomics page still shows the old vesting. The issuer cannot mint new tokens, so this is caution rather than fail.
Stable is built for USDT payments, but measured on-chain activity is small and most DeFi deposits sit in an interest-based lending market.
This criterion looks at what the network is actually used for. The stated purpose is permissible: sending USDT and PYUSD for payments, remittances and merchant settlement, with the StablePay app available in 160+ countries and Standard Chartered's Libeara bringing tokenised real-world assets. Measured activity, however, is small and tilted towards lending.
On 27 September 2026 DefiLlama counted about $21 million of stablecoins on Stable and about $30 million of DeFi deposits, of which about $28 million was in Morpho Blue, an interest-based lending market; most app fees over 30 days came from lending vaults and their curators. Stable's own StableHub now offers StableEarn vaults for USDT deposits without stating the yield source. We found no measurement of payment volume, so interest-based lending is a notable share of the activity we can see, but it is not shown to be the network's main purpose.
Fully paid spot STABLE is available on several exchanges and can be held in one's own wallet.
This criterion asks whether the asset can be owned in a permissible way. STABLE trades spot, with full payment and delivery, on exchanges such as Bithumb, Bybit, MEXC, Gate and Kraken, and it can be withdrawn to a self-custody wallet on Stable or other supported networks. Binance lists it only as a perpetual futures contract, and OKX does not list it. Spot volumes are thin next to futures, but ownership does not depend on derivatives or leveraged wrappers.
Cheap dollar payments without a volatile gas token are a real benefit; the main harms are an uneven launch and concentration in insiders' hands.
Maslahah weighs public benefit against harm. The benefit is a cheap, fast rail for sending dollars without first buying a volatile coin for fees, aimed at remittances and merchants in emerging markets. The harms we found are moderate. Phase 1 of the pre-deposit campaign in October 2025 filled in about 22 minutes, mostly from a small cluster of large wallets that moved funds before the announcement, and Phase 2 added per-wallet limits in response.
Control is concentrated: team and investors, including Bitfinex, hold half of the supply, and the network deepens reliance on a single stablecoin issuer group. We found no evidence that Stable is mainly used for fraud or sanctions evasion. Speculative trading losses are counted under maysir, not again here.
How you can use it
Tap a card for the ruling and sourcesBuying STABLE with full payment and immediate delivery is available on exchanges such as Bithumb, Bybit, MEXC, Gate and Kraken, and tokens can be moved to a self-custody wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view.
We found no exchange-traded fund that holds STABLE. Any future fund would need its structure checked (no interest income, no lending of the tokens).
Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible, and paying with crypto is not allowed in Indonesia (Bank Indonesia) and is banned in Turkey (central bank regulation of April 2021). STABLE is not designed as a means of payment: payments on Stable are made in USDT and PYUSD, which are assessed separately.
Delegating STABLE to a validator can earn a share of USDT gas fees, which is a payment for validation work, not interest. It is rated caution because the structure is not fully clear: validators may choose whether to share fees at all, the docs do not publish the validator set or unbonding terms, and we could not confirm how widely delegation rewards are paid today. Exchange staking of STABLE is a separate product whose return source must be checked.
Margin trading in STABLE is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
STABLE perpetual futures on Binance and Bybit trade far more than spot, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending STABLE or USDT for interest, for example on lending markets such as Morpho on Stable or in exchange lending programmes, pays the lender interest from borrowers. This is riba.
Yield products built on lending, such as vaults that supply stablecoins to lending markets, pay interest or interest-like returns and fail. The source of StableEarn vault yields is not stated and must be checked product by product; delegation rewards from network fees are assessed under staking above.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.Holding (Halal): Simply buying and holding the STABLE token is permissible.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
9 exchanges from our coverage · no referral links
KrakenCentralized · STABLE/USDVolume 24h$14.05KReliability7.4Halal productNo halal product- BBybitCentralized · STABLE/USDTVolume 24h$663.02KReliability7.1Halal productIslamic account
- CCrypto.com ExchangeCentralized · STABLE/USDVolume 24h$5.27KReliability7.0Halal productNo halal product
GateCentralized · STABLE/USDTVolume 24h$221.7KReliability5.9Halal productNo halal product
BingXCentralized · STABLE/USDTVolume 24h$73.27KReliability5.8Halal productNo halal product
KuCoinCentralized · STABLE/USDTVolume 24h$55.89KReliability5.6Halal productNo halal product
BitgetCentralized · STABLE/USDTVolume 24h$167.01KReliability5.0Halal productNo halal product
MEXCCentralized · STABLE/USDTVolume 24h$168.22KReliability4.7Halal productNo halal product
BitfinexCentralized · STABLE/USDTVolume 24h$19.9KReliability3.3Halal productNo halal product
No exchanges match this filter
Listings as of Sep 18, 2026
Similar halal assets
Halal verdict, same category
