Sharlife is a Registered Shariah Advisory Firm with Securities Commission Malaysia - The only regulated provider of crypto & stocks Shariah status
Sharlife is a Registered Shariah Advisory Firm with Securities Commission Malaysia - The only regulated provider of crypto & stocks Shariah status
FDUSD is a 1:1 USD-backed stablecoin with reserves held in segregated bankruptcy-remote holding structures, providing a safe and reliable alternative in the world of digital finance.
FDUSD is a fully USD-backed stablecoin intended to maintain a 1:1 peg with the US dollar. Each FDUSD token is backed by one US dollar or an asset of equivalent fair value, safely held by a qualified custodian in accounts with regulated depository institutions.
Reserved assets are held in fully segregated bankruptcy-remote holding structures. Collateral is safeguarded by a top-tier, qualified custodian with a trust license for seamless asset protection and regulatory compliance.
The collateral is validated by an independent third-party, ensuring the integrity of the reserves and financial reporting.
FDUSD's reserve consists of a diversified portfolio of high-quality assets:
Short-term government securities
Held pursuant to overnight reserve repurchase agreements
Deposits at regulated financial institutions
Cash holdings in regulated depository institutions
FDUSD does not offer any yield or interest to holders, which simplifies its Shariah compliance status.
Permissible for use according to Shariah principles
Although FDUSD is backed by reserves that include non-shariah financial instruments, purchasing FDUSD does not grant holders the rights to receive any coupon payments or interest generated from these reserves. However, the permissibility of FDUSD depends on its usage, which must align with Shariah principles and comply with the rules of bay' al-sarf.
FDUSD is considered Shariah-compliant for general use. When exchanging FDUSD for other currencies, ensure compliance with bay' al-sarf rules, which require spot settlement and equal counter-values when exchanging currencies.
| Reserve Assets | U.S. Treasury Bills, Government Debt, Fixed Deposits, USD |
|---|---|
| Yield Source | None |
| Smart Contract Audit | PeckShield |
| Issuer | First Digital Labs |
Stablecoin issuer
FDUSD's legitimacy is reinforced by the transparency of its team and the safeguarding of its collateral by a top-tier, licensed custodian. The reserves undergo independent third-party validation, ensuring asset protection, regulatory compliance, and the integrity of financial reporting.
The smart contracts implementing the ERC20 Token Standard have been audited by PeckShield, a leading blockchain security firm, adding another layer of security and trust to the platform.
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