Ethena

This token is currently classified as Doubtful due to significant Shariah concerns relating to its synthetic stability and supporting financial structure.

USDe is currently considered doubtful because its stability mechanism and broader structure appear to rely on synthetic arrangements, hedging mechanics, and financial strategies that require careful Shariah review. The concern is not merely that it is a stable-value token, but how that stability is created and maintained in practice. Until the full structure is shown to avoid prohibited elements such as impermissible derivatives, interest-linked exposure, or other problematic arrangements, the token remains doubtful.