GUSD

Is GUSD (Gate USD) Halal or Haram? CoinStudy HCS Analysis 2026

The question of whether a yield-bearing stablecoin qualifies as permissible under Islamic law is among the most consequential questions facing Muslim investors in 2026. These products present themselves as stable, income-generating alternatives to conventional savings instruments, and their marketing language, including terms like “capital-protected” and “daily rewards,” is carefully chosen to appeal to conservative investors seeking a predictable return. Yet the mechanism that generates the yield is precisely what Islamic jurisprudence scrutinises most closely. CoinStudy applies the Halal Crypto Standard (HCS) to Gate USD (GUSD) with the full documented mechanics of this product in view. The research team has reviewed Gate’s official announcements, press releases, product learn pages, and third-party data from CoinGecko and IQ.Wiki. The findings on the core yield mechanism drive this classification, and those findings rest on Gate’s own published statements.

Quick Verdict: GUSD Is Not Halal Under Its Documented Structure ❌

GUSD carries a serious Sharia concern at Layer 1 that prevents CoinStudy from classifying it as permissible under its current documented structure. Gate’s own official announcement explicitly states that GUSD is “backed by underlying high-quality US Treasuries and Real-World Assets” and that the product’s APR is “adjusted periodically based on US Treasury market fluctuations.” Gate’s launch press release further states that GUSD’s returns are “derived from the interest generated by the underlying RWA assets.” U.S. Treasury bonds are interest-bearing government debt instruments. A product whose stated returns derive from interest generated by those instruments raises a confirmed Layer 1 concern under the Synthetic Interest Products disqualifier. CoinStudy’s provisional classification is Not Halal, pending Shariah Board Chairman ratification on the specific fiqh questions identified in this analysis.

What Is GUSD in 2026?

Gate USD, referred to by its ticker GUSD, is a yield-bearing stablecoin issued by Gate, one of the largest centralised cryptocurrency exchanges by trading volume globally. Gate launched GUSD on August 29, 2025, positioning it as a product that bridges traditional finance and the digital asset ecosystem by enabling stablecoin holders to earn daily income without moving assets off the exchange.

GUSD is not simply a fiat-backed stablecoin in the conventional sense. Gate itself describes it as a “capital-protected flexible earn product” and an “investment certificate.” Users deposit USDT, USDC, or USD1 to receive GUSD at a 1:1 ratio, and GUSD can be redeemed at any time for USDC at the same 1:1 ratio. During the holding period, GUSD accrues daily yield that is distributed in the form of additional GUSD tokens by 12:00 UTC the following day. Gate’s official product announcement states that the yield is “backed by Gate ecosystem revenue, US Treasury RWAs, and top-tier yield-generating stablecoin assets,” with the APR dynamically adjusted based on US Treasury market fluctuations.

According to CoinMarketCap research, GUSD has a circulating supply of approximately 149.44 million tokens, a total supply of 320 million, and a market capitalisation of approximately $149 million at the time of analysis. The token trades at approximately $0.997, with its all-time high of $1.00 recorded in November 2025. It operates on Ethereum. DeFiLlama lists the on-chain holder count at approximately 60 as of the data available at time of analysis, a figure that reflects GUSD’s primary use as a within-exchange product. CoinStudy notes that this holder count refers to unique on-chain wallet addresses, not the total number of Gate platform users holding GUSD in exchange accounts, which is likely substantially larger. Gate has not published proof of reserves or independent audit reports as of this analysis. Gate has stated these will be “gradually disclosed,” but no timeline or custodian names have been confirmed publicly.

Gate markets GUSD using three claims that require precise Islamic finance scrutiny: “capital-protected,” “daily rewards,” and “relatively stable yields in both bullish and bearish markets.” Each of these claims is examined in the analysis that follows.

The Core Mechanism: Why GUSD Raises a Layer 1 Concern

Yield-bearing stablecoins represent a structurally distinct category from utility tokens, governance tokens, or conventional fiat-backed stablecoins. The decisive question in every case is not whether the token maintains price stability, but what is the source of the yield, and does that source involve riba.

For GUSD, the answer is documented in Gate’s own official publications. Gate’s launch press release, republished across major crypto news outlets including The Block, Decrypt, and DailyCoin, states that GUSD’s “returns are derived from the interest generated by the underlying RWA assets.” The RWA assets explicitly named by Gate include U.S. Treasury bonds. Gate’s product announcement on gate.com further confirms that the APR is “adjusted periodically based on US Treasury market fluctuations,” a direct acknowledgment that Treasury yield rates drive the distribution amount. These are not third-party characterisations. They are Gate’s own stated descriptions of its product mechanism.

U.S. Treasury bonds are interest-bearing government debt securities. The income they generate is interest, which is riba under the established position across the major schools of Islamic jurisprudence. CoinStudy notes that scholarly consensus on this point is well-established across classical and contemporary fiqh literature, though the specific application to a digital certificate issued by a centralised exchange involves questions of contractual classification that are submitted to the Shariah Board Chairman for formal ruling.

Three structural features of GUSD require careful analysis before the precise contractual classification can be determined.

First, the distribution mechanism. Gate states that yield accrues daily and is distributed as additional GUSD tokens. The source of that yield, as stated by Gate itself, includes interest generated by US Treasury assets. Whether the holder’s contractual right to these distributions constitutes riba al-qard, a participation in a prohibited income pool, or another form of impermissible return is a question requiring Chairman determination.

Second, the “capital-protected” claim. Gate describes GUSD as a “capital-protected” product and offers 1:1 redemption at any time. A guarantee of capital return, combined with regular income distributions, raises the classical concern of qard jarra naf’an, a loan that brings a benefit to the lender, which is the foundational prohibition of riba al-qard. Whether the GUSD arrangement meets the precise contractual conditions for this classification is submitted to the Chairman.

Third, the absence of asset ownership. CoinGecko’s analysis of GUSD notes that the token “does not confer ownership of the underlying assets.” Gate’s product page confirms that GUSD represents a certificate, not a direct stake in the reserve portfolio. This means a GUSD holder does not own the Treasuries or other assets in the reserve. The holder has a redemption claim against Gate and a right to daily distributions calculated by Gate. The precise legal and Sharia classification of this certificate structure is one of the most important open questions in this analysis.

What Does a GUSD Holder Actually Own?

The Sharia assessment of GUSD depends not only on the assets held in the Gate reserve but also on the legal and contractual rights that holding GUSD actually confers.

CoinStudy distinguishes three separate elements that must be assessed together. The first is the reserve assets, which include U.S. Treasury bonds, other RWAs, and Gate ecosystem revenue. The second is the legal claim represented by GUSD, which Gate’s own documentation characterises as a certificate that does not confer ownership of the underlying assets. The third is the mechanism by which daily rewards are calculated and distributed, which Gate states is based on the holder’s eligible GUSD balance and yields driven by Treasury market fluctuations.

A GUSD holder should not automatically be treated as a co-owner of the reserve portfolio, a Sukuk investor with ownership rights over identified assets, or a Mudarabah partner sharing in permissible trade profits. If GUSD only represents a redemption claim against Gate, with daily distributions calculated by Gate at its discretion, then the holder’s entitlement requires a different Sharia analysis from a certificate representing genuine asset ownership in a permissible enterprise.

CoinStudy does not resolve this classification independently. The question of whether GUSD constitutes qard jarra naf’an, a debt-like certificate with interest-derived payments, or another contractual structure, is submitted to the Shariah Board Chairman as a priority question.

Islamic Finance Analysis

The Layer 1 concern for GUSD centres on the Synthetic Interest Products disqualifier. What follows addresses each red line with the precision the documented evidence supports, acknowledging where the evidence is confirmed by primary sources and where final determination requires Chairman ruling.

Financial Exposure Risk:

GUSD is a centralised product issued by a single exchange. There is no published proof of reserves, no named custodian for the reserve assets, no independent audit, and no granular reserve composition breakdown showing the allocation between Treasuries, other RWAs, and Gate ecosystem revenue. Gate has stated these disclosures will come “gradually,” but no timeline has been confirmed. If Gate were to face a liquidity crisis or insolvency event, GUSD holders have no identified ownership right over specific reserve assets to which they could make a claim.

From a pure financial exposure standpoint this is a high-risk product for a stablecoin: concentrated issuer risk, opaque reserves, unverified custodial arrangements, and approximately 60 on-chain holders suggesting limited secondary liquidity. This assessment is provided as context only and does not affect the Layer 1 classification.

Gharar:

Gate does not publicly disclose the proportional breakdown of its three stated yield sources: US Treasury income, other RWA income, and Gate ecosystem revenue. GUSD holders therefore cannot determine what proportion of their daily distribution derives from each source. This opacity is a serious Gharar concern independent of the riba question. A holder who wished to isolate and purify the prohibited portion of their distributions cannot do so because the data to perform that calculation is not published. The precise Gharar classification and its interaction with the riba concern are submitted to the Chairman.

Maysir:

No gambling or chance-based mechanism is present in the core GUSD product. The yield accrual and redemption mechanism do not involve wagering, competitive prize structures, or chance-determined outcomes. The Launchpool rewards programme offering CELB tokens at up to 365% estimated annual yield is a separate product ecosystem that is not part of the GUSD yield certificate analysis and should be assessed independently. Maysir is not confirmed for the GUSD certificate itself.

Underlying Business Activity:

Gate operates one of the largest centralised cryptocurrency exchanges globally. Its business model includes spot trading, perpetual futures, leveraged products, and numerous other instruments. Gate ecosystem revenue, which is explicitly listed as one of the three GUSD yield sources, is generated from this full range of business activities. The degree to which Gate ecosystem revenue flowing into GUSD distributions is itself derived from impermissible products such as perpetual futures and leveraged trading is not independently established from the available documentation. This creates a layered concern: even the non-Treasury portion of GUSD yield may derive in part from prohibited business activities. CoinStudy notes this as an open question requiring further disclosure from Gate.

Utility and Real Use:

GUSD’s stated utility is as a yield-bearing certificate for stablecoin holders who wish to earn daily income while remaining in a dollar-pegged position. Gate also states that GUSD can be used as collateral. The utility value as a certificate of value preservation exists. However, utility does not address the permissibility of the income mechanism, and the utility dimension is not scored in Layer 2 for a Layer 1 failure token.

Tokenomics Fairness:

The total supply of GUSD is 320 million tokens against a circulating supply of approximately 149 million, representing a significant gap between issued and circulating tokens. Gate has not published a tokenomics breakdown or vesting schedule. The product depends entirely on Gate’s continued solvency, willingness to redeem, and management of the reserve portfolio. These are noted as transparency gaps, not scored dimensions.

Transparency and Governance:

Gate has stated its intention to “gradually disclose reserve proofs and custodian cooperation details.” As of this analysis, no proof of reserves has been published, no custodian has been named, no independent audit exists, and the reserve allocation percentages are not disclosed. DeFiLlama confirms no audits for GUSD. Gate operates the reserve, determines the APR, and processes redemptions unilaterally. There is no governance mechanism through which GUSD holders can participate in reserve management decisions or verify reserve composition. This is the lowest transparency score in the HCS framework, though it is not formally scored for a Layer 1 failure token.

Applying AAOIFI Principles

Three AAOIFI standards have principles relevant to the GUSD structure. CoinStudy applies these with the “principles relevant to” framing. These standards govern conventional Islamic financial institutions and are not directly applicable to a blockchain-issued certificate. Their analytical frameworks are applied by CoinStudy as scholarly reference points, not as directly governing rules.

AAOIFI Sharia Standard No. 5 on Guarantees provides principles relevant to Gate’s “capital-protected” claim. Under the principles of SS5, when a party guarantees the return of capital in an arrangement and also provides regular distributions, the arrangement raises a concern about reclassification as a loan rather than a genuine investment. The GUSD structure, in which Gate guarantees 1:1 redemption and distributes daily income, is structurally analogous to the arrangement SS5 identifies as requiring careful scrutiny. CoinStudy presents this as an analytical parallel, not as a direct application of SS5 to GUSD.

AAOIFI Sharia Standard No. 21 on Financial Papers provides principles whose conceptual framework is useful in assessing whether GUSD, as a yield-bearing certificate, represents a permissible security. The principles of SS21 distinguish between certificates representing genuine ownership of real assets and certificates representing debt-like claims against the issuer. Gate’s documentation explicitly states that GUSD does not confer ownership of the underlying assets. Under the conceptual framework of SS21, this positioning places GUSD in the category that requires more careful scrutiny than a direct ownership certificate. CoinStudy does not claim SS21 directly governs a blockchain certificate and presents this as a conceptual comparison only.

AAOIFI Sharia Standard No. 17 on Investment Sukuk provides principles relevant to the broader category of asset-backed yield instruments. SS17 principles require that profit distributions in compliant structures derive from genuine economic activity rather than predetermined interest accrual on debt instruments. The GUSD distribution mechanism, stated by Gate to be driven by US Treasury RWA returns, does not meet the equivalent standard that SS17 principles establish for a compliant yield certificate. Again, CoinStudy presents this as a conceptual comparison, not a claim that SS17 directly governs GUSD.

Anticipated Scholarly Questions: Critical Islamic Finance Review

Question 1: Gate states that GUSD yield comes from multiple sources, including ecosystem revenue. Does the presence of potentially permissible revenue sources alongside Treasury interest affect the ruling?

CoinStudy’s response: This is one of the most important questions in the entire analysis, and it is formally submitted to the Shariah Board Chairman for determination. CoinStudy’s research position is as follows. Gate does not publish the proportional breakdown of how much of each day’s GUSD distribution derives from Treasury interest, other RWA income, and Gate ecosystem revenue. A holder receiving daily distributions cannot identify or exclude the interest-sourced portion. The classical concern with commingled income, drawn from the principle that a prohibited element in a pool affects the permissibility of withdrawals from that pool when the prohibited portion cannot be isolated, suggests a serious concern. However, the precise fiqh ruling depends on questions CoinStudy does not resolve unilaterally: whether the holder has a contractual entitlement to specific interest income or only to a discretionary distribution from a mixed pool; whether the proportion of prohibited income matters for the ruling; and whether a purification mechanism could make a permissible portion identifiable. These are submitted to the Chairman. CoinStudy’s position is that the confirmed presence of interest-derived income in the distribution pool creates a Layer 1 Synthetic Interest Products concern sufficient to prevent a Halal classification, while the precise ruling on the mixed-income question awaits Chairman determination.

Question 2: The yield rate is variable and not a fixed guaranteed return. Does this mean GUSD avoids the riba al-qard prohibition?

CoinStudy’s response: The variability of the rate does not resolve the concern. The classical prohibition of riba al-qard applies to any stipulated increment above the principal, whether fixed or variable, if the contractual structure establishes an obligation to pay that increment. Gate’s product announcement describes GUSD as a “capital-protected flexible earn product” with daily distributions automatically credited. The structure establishes an expectation of incremental return above the deposited principal. Gate’s own statement that the APR is “adjusted based on US Treasury market fluctuations” confirms that the rate varies, but it also confirms that the rate tracks interest market movements. A variable rate tied to interest benchmarks remains interest-linked. The variability of the rate does not change the nature of the underlying income source.

Question 3: Is GUSD correctly characterised as a loan to Gate, making daily distributions riba al-qard? Or could it be another contractual structure?

CoinStudy’s response: CoinStudy deliberately does not make a definitive contractual classification here. The question of whether GUSD constitutes qard jarra naf’an, a debt-like yield certificate, an agency arrangement, or another structure is precisely what is submitted to the Chairman. What CoinStudy can state from the primary source evidence is that: Gate receives the deposited funds; Gate manages the reserve and determines the yield rate; the holder receives no ownership right over the reserve assets; Gate promises 1:1 redemption and daily distributions; and Gate’s stated yield source includes interest on US Treasuries. Whether this arrangement meets the precise contractual conditions for qard jarra naf’an or for another classification is a question of fiqh requiring scholarly determination. CoinStudy describes the arrangement as “economically resembling a debt-like yield product” and submits the precise classification to the Chairman.

Question 4: Could GUSD be treated as a Mudarabah arrangement where Gate is the mudarib and the holder is the rabb al-mal?

CoinStudy’s response: The Mudarabah analogy faces serious structural obstacles. In a valid Mudarabah, the capital provider bears the risk of capital loss; no guarantee of principal is permissible because such a guarantee converts the arrangement into a loan. Gate explicitly markets GUSD as “capital-protected” and offers 1:1 redemption, which eliminates the capital risk the rabb al-mal must bear in a genuine Mudarabah. Furthermore, valid Mudarabah profit must derive from permissible trade or enterprise. Gate states that GUSD returns derive from US Treasury interest, which is not permissible profit. A structure cannot qualify as Mudarabah when principal is guaranteed and the income derives from interest-bearing assets.

Question 5: Is secondary market trading of GUSD impermissible even if the holder did not mint it and does not receive distributions?

CoinStudy’s response: CoinStudy presents secondary market trading of GUSD as requiring individual scholarly assessment rather than a blanket ruling in either direction. The concern is structural: GUSD’s underlying certificate represents a claim on a reserve that includes interest-generating assets, and trading that certificate arguably transfers the prohibited claim. However, the degree of harm differs from minting and actively accumulating yield, because a secondary trader who does not hold for distributions does not receive the interest-tainted income directly. The precise ruling depends on the contractual classification of the certificate and on whether trading a certificate with impermissible underlying income is itself impermissible. This is submitted to the Chairman.

Question 6: What should a current GUSD holder do about distributions already received?

CoinStudy’s response: CoinStudy does not issue a definitive disposal instruction because the correct treatment depends on questions that require a specific scholarly ruling: the holder’s state of knowledge, the proportion of prohibited income in the distributions received, and the precise contractual classification of the arrangement. Existing GUSD holders should seek to exit the yield-bearing arrangement as a precautionary measure. Regarding distributions already received, holders should consult a qualified Shariah scholar for advice on the appropriate treatment. Where income is confirmed by a scholar to be impermissibly derived, the disposal treatment, whether complete charitable disposal or partial purification, should be determined by the scholar. Such disposal, if advised, should not be presented as an act of ordinary charitable giving or as a means of earning spiritual reward. It is a disposal of income that the holder is not entitled to retain.

What Is Permissible and What Is Not Permissible

Permissible ✅

Using USDT or USDC on Gate for spot trading of permissible cryptocurrencies = Permissible ✅

Holding USDT or USDC in a non-yielding spot wallet on Gate = Permissible ✅

Requires Individual Scholarly Assessment ⚠️

Secondary market trading of GUSD without minting or holding for distributions = Requires individual scholarly assessment ⚠️ (the certificate represents a claim on a reserve with interest-linked assets; trading it without receiving distributions differs in degree from active yield accumulation, but the certificate’s underlying structure creates a concern that requires scholar determination)

Not Permissible ❌

Minting GUSD by depositing USDT, USDC, or USD1 = Not Permissible ❌

Holding GUSD and accruing daily yield distributions from a Treasury-linked reserve = Not Permissible ❌

Receiving and retaining GUSD daily distribution income = Not Permissible ❌

Using GUSD as collateral in DeFi lending or borrowing protocols = Not Permissible ❌ (collateralising a certificate with an impermissible income mechanism transfers the prohibited exposure to the collateral arrangement)

CoinStudy HCS Screening Results

Layer 1: Sharia Red Line Screening

Riba: Serious concern confirmed by primary source evidence. Gate’s own launch press release states that GUSD returns are “derived from the interest generated by the underlying RWA assets,” and US Treasury bonds are explicitly named as those assets. The precise contractual classification of the holder’s entitlement is submitted to the Chairman.

Gambling: Pass ✅. No chance-based mechanism, wagering, or competitive prize structure is present in the GUSD yield certificate.

Haram Industry (primary product function): Pass ✅ for the GUSD certificate in isolation. The token’s stated primary function is a yield-bearing stablecoin certificate, not a gambling, alcohol, or other categorically prohibited product. The Gate ecosystem context and the concern about Gate revenue from prohibited products are noted under Underlying Business Activity.

Guaranteed Interest: The “capital-protected” language and 1:1 redemption promise are noted as adjacent concerns. Whether these combine with the daily distribution structure to constitute qard jarra naf’an is submitted to the Chairman. CoinStudy does not treat this as a standalone independent Layer 1 failure separate from the Synthetic Interest Products analysis.

Synthetic Interest Products: Concern confirmed on the basis of primary source evidence. Gate states that GUSD is “backed by underlying high-quality US Treasuries” and that returns are “derived from the interest generated by the underlying RWA assets.” Gate’s product announcement confirms the APR is “adjusted based on US Treasury market fluctuations.” The documented yield mechanism economically replicates the function of an interest-bearing certificate, implemented through a digital token structure. This is the operative Layer 1 concern.

Layer 1 Result: FAIL (provisional, pending Chairman ratification). GUSD does not proceed to Layer 2 scoring.

Layer 2: HCS Score Breakdown

Layer 2 scoring is not conducted for GUSD. Under the CoinStudy HCS operational framework, a confirmed Layer 1 red-line concern terminates the classification scoring process. The Synthetic Interest Products concern is confirmed on the primary source evidence reviewed. A supplementary risk profile is provided below for context only and does not constitute an HCS classification score.

Supplementary Risk Context (informational only, not a classification score):

Financial Exposure Risk: High. Centralised single-issuer product, no published proof of reserves, no named custodians, no independent audit.

Gharar: Significant. Reserve composition proportions not disclosed. Holders cannot isolate the interest-derived component of their daily distributions.

Underlying Business Activity: Additional concern. Gate ecosystem revenue, which is one stated GUSD yield source, is generated from a business model that includes perpetual futures, leverage products, and other impermissible instruments. The proportion of GUSD distributions sourced from these activities is not disclosed.

Transparency and Governance: Very low. No audits, no reserve proofs, no governance mechanism, no public custodian disclosure.

Shariah Board Chairman’s Ruling

The classification of GUSD as provisionally Not Halal under the Layer 1 Synthetic Interest Products concern has been submitted to Dr. Usman Quddus, PhD in Islamic Studies & Finance, Chair of the CoinStudy Shariah Board, for formal ruling. The following five questions are submitted as priorities:

1. Does GUSD’s receipt of income derived from US Treasury interest, mixed with Gate ecosystem revenue and other RWA returns, make the entire daily distribution impermissible, or does the mixed-income nature affect the ruling and, if so, how?

2. Does the combination of Gate’s 1:1 capital-return guarantee and daily income distributions constitute qard jarra naf’an, or is the underlying contractual structure a debt-like certificate, an agency arrangement, or another classification requiring different analysis?

3. If a GUSD holder does not own the reserve assets and only holds a redemption claim against Gate with discretionary daily distributions, what is the correct Sharia classification of that certificate?

4. Is secondary market trading of GUSD impermissible even when the holder did not mint it and does not hold it to accumulate distributions?

5. Where a holder has already received distributions from a pool that includes Treasury interest income, what is the correct disposal or purification treatment, taking into account that the proportional breakdown of the prohibited component is not publicly known?

This analysis represents CoinStudy’s research team’s provisional determination. The Not Halal classification stands as CoinStudy’s documented position on the basis of the primary source evidence reviewed, pending Chairman ratification and formal ruling on the five questions above.

Final Verdict

Not Halal (Provisional) ❌

GUSD carries a confirmed Layer 1 Synthetic Interest Products concern under the CoinStudy HCS operational framework. Gate’s own official publications state that GUSD returns are “derived from the interest generated by the underlying RWA assets,” that the product is “backed by underlying high-quality US Treasuries,” and that the APR is “adjusted based on US Treasury market fluctuations.” These are primary source confirmations of an interest-linked yield mechanism, not third-party characterisations. The certificate structure confers no ownership rights over reserve assets, Gate guarantees 1:1 capital return, and daily distributions accrue to holders from a pool whose interest-derived component cannot be isolated or purified on the basis of publicly available data.

For current GUSD holders: CoinStudy advises exiting the yield-bearing arrangement as a precautionary measure, consistent with the established Islamic legal principle of avoiding that which raises serious doubt. Regarding income already received, holders should consult a qualified Shariah scholar for the correct treatment of distributions from a pool with confirmed interest-derived components.

For Muslim investors seeking yield on stablecoin holdings in 2026: the central challenge is that the dominant sources of stablecoin yield across centralised and decentralised platforms are US Treasuries, conventional DeFi lending protocols, and exchange revenue streams that include impermissible products. CoinStudy’s recommendation is to direct enquiries toward certified Sharia-compliant alternatives and to consult the CoinStudy blog analysis on stablecoin permissibility for a detailed framework covering the full category.

Read detailed analysis and concepts here:

Are Stablecoins Halal?
Is Crypto Haram? A Scholar Responds
Market Volatility vs Contractual Gharar: When Does Price Fluctuation Become Haram Speculation?
Is Liquidity Provision Halal?
Top 10 Halal Cryptocurrencies in 2026
Are Perpetual DEX Airdrops Halal?
Is Bitcoin Halal?
Is Ethereum Halal?

Disclaimer: This analysis is produced by CoinStudy for educational and research purposes only. It does not constitute a fatwa, a binding religious ruling, or financial advice. The classification is provisional pending formal ratification by the CoinStudy Shariah Board Chairman, Dr. Usman Quddus, PhD in Islamic Studies & Finance. Muslim investors should consult qualified Islamic scholars and financial advisors before making investment decisions based on this or any CoinStudy analysis.

Sources: Gate official product announcement (gate.com/announcements/article/100840), Gate launch press release republished by The Block and Decrypt (August 2025), Gate learn article on GUSD mechanism (gate.com), CoinGecko GUSD analysis, IQ.Wiki Gate GUSD documentation, CoinMarketCap research, DeFiLlama stablecoin data, CoinStudy HCS Methodology documentation, AAOIFI Sharia Standards documentation.