USDGO
USDGO#207A US dollar stablecoin for business payments, issued by a US federally chartered bank.
- Market cap
- $1.19B
- Volume 24h
- $11.74M
- All-time high
- $1.00
- −0.20% from ATH
- Circulating supply
- 1.41B
Does not clear all 8 Shariah criteria. Needs caution: interest (riba), nature of the asset, and excessive uncertainty (gharar). Fails: business model.
- 4 pass
- 3 caution
- 1 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold USDGO?8 Shariah criteria
4 pass · 3 caution · 1 failUSDGO pays nothing in a holder's own wallet, but its distributor OSL offers platform users a share of the Treasury interest earned on the reserves.
Riba means interest, or any fixed increase on a loan or on an exchange of money. The token itself pays no interest: Anchorage's Covered Stablecoin Terms say income on the reserve belongs to the bank as fiduciary compensation, and the US GENIUS Act bars permitted issuers from paying holders interest simply for holding. So a person who keeps USDGO in their own wallet earns nothing.
But the reserve is almost entirely interest-bearing, and OSL, the token's brand operator and distributor, wrote in May 2026 that USDGO "directly distributes the yields of underlying US Treasuries to its holders", at about 3.24% a year, through OSL to Professional Investors. OSL and Bitget have also run reward campaigns (up to 100% and 4.3% APR) for balances kept on their platforms. These payments are opt-in and made by platforms, not by the token, so the criterion is caution rather than fail. It sits at the low end of caution because the main distributor presents the pass-through of reserve interest as a feature of USDGO. Taking part in those programmes is assessed as a yield product and fails.
USDGO is a redeemable claim on a segregated, monthly-examined dollar reserve, but authorities disagree on whether crypto tokens count as property (mal).
Each USDGO is meant to be redeemable for US$1 from Anchorage Digital Bank. At 31 July 2026 the bank reported US$1.116 billion of reserves against 1.113 billion tokens, a small surplus of about 0.33%. The reserves are held in segregated fiduciary trust accounts for the benefit of token holders, which is stronger protection than a simple company liability. Direct redemption, though, is open only to Anchorage clients, and the bank may refuse, suspend or limit redemptions in its discretion.
On property (mal), Malaysia's SC Shariah Advisory Council recognises digital currencies as mal and classes currency-backed ones as currency, to be exchanged under the rules of sarf (on the spot, at equal value); applying this 2020 ruling to USDGO is Liberandum's reading. Several state fatwa bodies reject cryptocurrency in general, and a 2026 Darul Uloom Karachi fatwa says crypto tokens are not mal. Because recognised bodies disagree, this criterion is caution.
USDGO is built to stay at US$1 for business payments, not for betting on price.
Maysir means gambling, or gains that depend purely on chance; ordinary price movement is not maysir. USDGO is designed to hold a fixed dollar value and traded at US$0.9998 on 27 September 2026. It is marketed for company treasury, settlement, payroll and cross-border payments. It can also be held in exchange futures accounts, as in Bitget's May–June 2026 campaign, but leveraged trading is a feature of those products and is assessed separately under trading mechanisms.
About 99% of USDGO reserves sit in interest-earning money market funds, and the issuer keeps that income, far above the 5% limit on impermissible revenue.
This criterion asks how the company behind a token earns. If 5% or more of its income comes from clearly impermissible sources such as interest, it fails. At 31 July 2026 about 71% of USDGO reserves were in two money market funds and about 28% in BlackRock's BUIDL fund, which holds Treasury bills and Treasury-backed repurchase agreements and pays a daily dividend; only about 1% was cash. Anchorage's terms say the reserve income, beyond what is needed to keep the reserve whole, is the bank's compensation.
So the economics behind USDGO are almost entirely interest income, shared in part with OSL's platform users. Anchorage and OSL do not publish revenue by source, but with reserves this interest-heavy the impermissible share is far above 5%. The counter-view is that holders receive none of this interest by holding the token, and Sharlife's class-level view accepts fiat stablecoins while asking that backing assets be Shariah-compliant, which interest-bearing funds are not.
Reserves are reported monthly under a Big Four examination, but the bank holds strong powers over tokens, including the right to freeze, block or restrict them.
Gharar means excessive uncertainty or lack of transparency in a deal. USDGO is more transparent than many stablecoins: a regulated US bank issues it, reserves sit in segregated trust accounts, and monthly reserve reports since February 2026 are examined under AICPA criteria for fiat-backed tokens. Limits remain. The accounting firm is not named on the attestations page, each report covers a single date and does not test controls, and the two main money market funds are listed only by code.
Under its Covered Stablecoin Terms, the bank may freeze, block, seize or otherwise restrict USDGO where required by court orders, subpoenas or law, and may refuse, suspend or limit any redemption request in its discretion. These powers are disclosed and normal for regulated stablecoins, but they leave the holder's control uncertain.
USDGO is used mainly for business payments, treasury and settlement; some balances sit in platform reward and futures accounts.
USDGO's stated uses are permissible in themselves: company treasury, cross-border payments, payroll and on-chain settlement, mainly for businesses in Asia. Its supply grew from about 50 million tokens in February 2026 to about 1.41 billion in September 2026, and custody platforms such as Ceffu added it. Some USDGO is held to earn OSL yield or exchange rewards, or sits in futures accounts, which are disputed or impermissible uses. No source measures what share of USDGO goes to those uses, so this is a low pass and the gap is recorded.
USDGO can be bought outright and held in full, though direct issuance and redemption are limited to the bank's clients.
This criterion asks only whether the token can be owned in a normal, fully paid way. USDGO is an ordinary token on Solana that can be held in a self-custody wallet, and it is available through OSL, Anchorage and exchanges such as Bitget. It does not exist only as a leveraged or derivative product. Access is narrower than for large retail stablecoins: minting and redemption at US$1 are only for Anchorage clients, and OSL distributes it mainly to businesses and professional investors.
USDGO offers regulated, fast dollar settlement for businesses, and no significant misuse has been reported.
Maslahah means weighing public benefit against harm. The benefit is practical: cheap and fast dollar settlement for companies, issued under US bank supervision with AML and KYC controls. No reports of large-scale fraud or sanctions evasion involving USDGO were found, and the bank can freeze tokens where the law requires. The harm is modest: its reserve model channels money into interest-bearing funds, which is weighed under business model. There is no independent data on illicit use of USDGO, so the pass is at the low end.
How you can use it
Tap a card for the ruling and sourcesBuying USDGO outright with full, immediate settlement is acceptable for an asset rated DOUBTFUL. If USDGO is treated as money, dollars and USDGO should be exchanged on the spot and at equal value (sarf).
Not available: no exchange-traded fund holds USDGO. A fund holding it would be judged like spot, after checking the fund itself for interest income.
Paying with USDGO is its main purpose, but Indonesia's MUI (tier 1) holds that using cryptocurrency as currency is haram, and some jurisdictions restrict paying with foreign stablecoins. Treating a dollar token as money is also disputed among scholars.
Not available natively: USDGO is not a proof-of-stake coin, so there is no validation work to be paid for. Products sold as "USDGO staking" pay returns from interest or lending and fall under yield and lending.
Always fail: borrowing to trade with leverage, without full delivery. USDGO held in exchange futures accounts can serve as margin.
Always fail: futures, perpetuals and options are deferred exchanges without delivery, with leverage.
Lending USDGO for a return is interest on a loan of money (riba).
OSL's programme for Professional Investors passes on Treasury interest from the reserves (about 3.24% a year in May 2026), and OSL and Bitget have run reward campaigns on USDGO balances. The source is interest or a guaranteed return, so these programmes fail.
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.If a digital currency is backed by ribawi items comprising gold, silver and currency, it is categorised as a currency from Shariah perspective. Hence, the trading of such digital currency is subject to the principle of bai` al-sarf.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.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 itFiat-backed stablecoins are generally considered permissible, fully backed by the underlying currency or not, as long as this information is transparently disclosed to the users.As 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
3 exchanges from our coverage · no referral links
KrakenCentralized · USDGO/USDVolume 24h$26.71KReliability7.4Halal productNo halal product
BitgetCentralized · USDGO/USDTVolume 24h$10.81MReliability5.0Halal productNo halal product
MEXCCentralized · USDGO/USDTVolume 24h$338.34KReliability4.7Halal productNo halal product
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Listings as of Sep 18, 2026
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