Plasma
XPL#96XPL is the native token of Plasma, a Layer 1 blockchain built for stablecoin payments with zero-fee USD₮ transfers.
- Market cap
- $423.15M
- Volume 24h
- $153.62M
- All-time high
- —
- Circulating supply
- 4.53B
Passes our 8 Shariah criteria. Needs caution: business model and excessive uncertainty (gharar).
- 6 pass
- 2 caution
- 0 fail
Verdict history
- HalalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Plasma?8 Shariah criteria
6 pass · 2 caution · 0 failXPL pays no interest; validator rewards will be variable payment for validation.
Riba is interest or any guaranteed increase on a loan. XPL has no lending function at the protocol level, and validator rewards, planned at 5% falling to 3% and not yet live, pay for validating the network. Sharlife, the first authoritative source that rates Plasma, marks it compliant, and CryptoUmmah finds protocol revenue comes from fees, not interest. The yield on stablecoins in Plasma One is judged under business model, so this criterion is at the maximum.
XPL is the working native asset of a live payments blockchain.
Mal is property that Islamic law recognises as having value. XPL pays gas on Plasma and secures it through staking. Sharlife rates Plasma permissible, so the general debate on whether crypto is property is reflected in confidence rather than in this score.
XPL has no chance-based payout or game mechanics.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. XPL is a network token with no lottery or meme feature; its steep price fall is market risk, not gambling. No coin-specific gambling mechanism is documented, so the criterion is at the maximum.
The chain earns gas fees, but the company also markets interest-based stablecoin yield.
This criterion asks how the project earns. The network itself earns gas fees, part burned and part paid to validators, which is permissible. But the company behind Plasma runs Plasma One, which pays up to 6% on stablecoin balances generated through third-party DeFi protocols, and it launched XPL with a $250 million USDT yield program on Binance. Returns on lent stablecoins are interest. The share of company income from this is not published, so under the threshold rule the criterion is at caution. Sharlife rates Plasma compliant; this is where this analysis differs.
Insiders hold half of supply, large unlocks began in September 2026 and no security audit was identified.
Gharar is excessive uncertainty or hidden information. Plasma publishes its allocation and unlock schedule. But team and investors hold 50% of supply, and a third of it unlocked on 25 September 2026 with the rest released monthly to 2028; 32% for ecosystem growth also unlocks monthly. Inflation terms are not final, CryptoUmmah found no named security audit of the chain, and XPL fell about 90% within two months of launch amid communication problems. The criterion is at caution, in line with CryptoUmmah's gharar score (46.7).
XPL is used for gas, staking and rewards on a payments chain where DeFi lending is prominent.
This criterion looks at what the asset is actually used for. XPL pays gas and secures the network, and Plasma One pays cashback in XPL. These uses are permissible. The score is lowered within pass because much of the activity XPL supports is stablecoin yield and DeFi on Plasma, about $505 million of TVL, which includes lending.
Fully paid spot XPL is widely available and can be held in a self-custody wallet.
This criterion asks whether the asset can be owned in a permissible way. XPL trades spot with full payment and delivery on major exchanges and can be held in a self-custody wallet on Plasma. Ownership does not depend on derivatives or leverage, so the criterion is at the maximum.
Plasma offers fast, near-free stablecoin transfers.
Maslahah weighs benefit against harm. Plasma gives users zero-fee USD₮ transfers and low-cost payments, a real public benefit, especially for remittances. The interest-based yield products are counted under business model, and no other concrete harm specific to XPL was found, so the criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying XPL with full payment and immediate delivery is widely available, and the tokens can be moved to a self-custody wallet.
No XPL exchange-traded fund was found. A product that holds XPL itself would be judged like spot; its structure would need to be checked.
XPL pays gas on Plasma and is paid as Plasma One cashback. Using it as general money falls under Tier-1 positions such as Indonesia's MUI, which rules that using cryptocurrency as currency is not permissible.
Only Plasma's own validators stake XPL today; delegation and validator rewards (planned at 5% inflation falling to 3%) are not yet live, and their terms, including any penalties, are not final. Exchange products sold as XPL staking should be checked for where their return comes from.
Margin trading in XPL is offered by some exchanges but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
XPL futures and perpetuals are offered by derivatives exchanges, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending XPL through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Exchange 'earn' products and lending pools on XPL pay a return funded by lending interest; this is treated as interest whatever it is called.
Scholars quotes
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.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.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.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.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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