In today’s economy, financial stability and ethical integrity are paramount. However, even with advances in financial technologies like crypto, stability remains elusive. Price swings, unpredictable markets, and regulatory concerns make it difficult for users to find a reliable digital asset, especially for the 800 global Muslims looking for alternative investments. Enter Deenar, a fully Shariah-compliant, gold-backed digital stablecoin uniquely designed to address these challenges and offer new stability and security.
First Gold Token in the Cosmos Ecosystem
The launch of Deenar marks a significant milestone as the first gold-backed stablecoin within the Cosmos ecosystem. This development is a substantial step towards HAQQ’s goal of integrating real-world assets (RWA) into the Cosmos ecosystem of app chains, bringing tangible utility to the thriving Cosmos ecosystem. Deenar’s introduction bridges traditional gold assets with advanced blockchain technology, offering unparalleled value to users and projects within the Cosmos network.
What Deenar Brings to Cosmos
Deenar is a fully Shariah-compliant, gold-backed stablecoin that combines the enduring value of gold with the innovative capabilities of blockchain technology. It provides a stable, secure, and ethically aligned asset that can be utilized across various applications and blockchain projects. Deenar offers users a reliable store of value that mitigates the volatility commonly seen in the crypto market. It introduces a stable medium for transactions, collateral, and more for projects, enhancing overall ecosystem stability and utility.
Deen and Dinar: A Blend of Tradition and Modernity
Deen represents Muslims’ way of life, rooted in the values of unity, tolerance, and critical thinking. In Islamic civilization, the dinar has historically symbolized gold coins, a true store of value. We merged these concepts into the Deenar, a digital embodiment of Islamic values and financial prudence.
Islam is the fastest-growing religion; despite this, over 800 million Muslims remain unbanked, especially in Asia and Africa. Many avoid traditional banks because these institutions often engage in activities deemed non-compliant with Islamic principles, such as riba, leaving millions needing access to essential financial services. Additionally, barriers such as poverty, low income, and lack of necessary documentation prevent many Muslims from opening bank accounts. Deenar is designed to cater to this growing demand, enabling Muslims to practice their deen while earning dinar without compromising their values.
How Deenar Works
Deenar is issued by Fiduciary Standard, a regulated and licensed stablecoin issuer domiciled in Switzerland. It is a digital asset in which one token represents one gram of gold stored with a trusted custodian. Anyone who owns Deenar owns the underlying gold held under the custody of Brink’s.
Deenar’s value tracks the real-time market price of gold. It is built following the ERC-20 protocol on the HAQQ Network blockchain, making it compatible with all HAQQ and Ethereum wallets that accept ERC-20 tokens. Thanks to a feature of the HAQQ Network, DEEN also has a Cosmos representation in the form of a Cosmos IBC token that can be transferred via IBC to any other Cosmos network.
Deenar is rule-based and fully automated, based on non-critical roles distributed between interchangeable actors. All transactions operate according to the smart contract rules on the HAQQ blockchain, eliminating human error and ensuring the system operates as programmed. It is available 24/7 to facilitate settlement against various assets, meaning Deenar can be bought/sold at any time and transferred anywhere.
We have secured fatwa approval for the $DEEN token and have continued to work with our Shariah Scholars to ensure that all aspects of Deenar are Shariah-compliant.
$DEEN Tokenomics
$DEEN has a total supply of 12,000 tokens. The price of 1 $DEEN is equivalent to 1 gram of physical Gold. Each $DEEN token represents 1 gram of SAM Precious Metal 999.9 purity gold held in a vault custodied by Brinks and can be fractionalized up to six decimal places (i.e., increments as small as 0.000001 gram).
DEEN tokens are created and destroyed by the Fiduciary Standard as needed. The minimum purchase amount on the Deenar platform is 1 DEEN, plus a creation fee depending on the size, posted on Deenar’s website.
To purchase DEEN, sell the underlying gold, or redeem for underlying gold, users must complete an identity verification process, agree to specific terms of service for DEEN, and meet applicable purchase or redemption minimums.
Holders of DEEN can redeem their tokens for the associated physical gold. They must hold the tokens corresponding to the volume of available bullion they want to buy back. It is possible to specify a line of ingots separately. Holders must order more than 1 DEEN to redeem their tokens for a physical gold bar, subject to fees depending on the size of their order posted on the website.
Specific gold bars will be associated with each on-chain address that holds DEEN tokens. At any time, DEEN holders can go to the Deenar website to retrieve the serial number and physical characteristics of their vaulted gold. All that is required is a HAQQ Network wallet address holding DEEN tokens. The distribution of tokens on ingots is automatic, and rebalancing occurs, meaning we also, at times, will change the ingot serial number to correspond to the tokens stored in your wallet.
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Deenar vs. Traditional Gold
Traditional gold investments have several challenges, including storage costs, accessibility issues, and lack of liquidity. Deenar addresses these issues by digitizing gold, making it easily accessible and transferable. Unlike traditional gold, which requires physical storage and security, Deenar is securely stored in audited vaults with Brinks, offering the same stability without the associated hassles.
Moreover, Deenar’s blockchain-based nature allows for seamless transactions, making it easier to use in everyday financial activities. Whether for saving, investing, or spending, Deenar provides the benefits of gold without the limitations of traditional gold investments.
Why Deenar?
Deenar is a solution to the challenges faced by fiat currencies, cryptocurrencies, and the gold market. Fiat currencies suffer from inflation and counterparty risk, cryptocurrencies are plagued by volatility, and the gold market remains largely inaccessible. Deenar addresses these issues by combining the stability of gold with innovative blockchain technology.
Stable and Secure: Each Deenar token represents one gram of physical gold stored with Brinks, an independent and trustworthy custodian. This ensures its value tracks the real-time market price of gold.
Global Accessibility: Built on the HAQQ Network blockchain, Deenar is compatible with HAQQ, Cosmos and Ethereum wallets that accept ERC-20 tokens, making it instantly transferable and globally accessible. No matter where you are in the world, Deenar is designed to be at your fingertips, providing a seamless financial experience.
Low Fees and High Utility: Deenar offers low transaction fees, making it an attractive investment vehicle. It can be used for daily spending, investment, saving, and even generating returns through Sharia-compliant financing. With Deenar, you can make your money work for you while enjoying the benefits of low fees and high utility.
Sharia Compliance: Deenar is issued by Fiduciary Standard, a regulated and licensed stablecoin issuer in Switzerland. The token is backed 1:1 by physical gold, adhering to Islamic finance principles.
What Deenar Means for You
Stability You Can Trust: Deenar is anchored by one gram of physical gold per token, ensuring its stable and reliable value. Unlike traditional cryptocurrencies that experience wild price swings, Deenar provides a steady value, giving you peace of mind in your financial dealings.
Everyday Usability: Use Deenar for your daily transactions, knowing its value won’t fluctuate unpredictably. Whether buying groceries, paying for services, or making online purchases, Deenar offers a practical, stable alternative to volatile digital currencies.
Global Reach: Deenar makes sending money across borders effortless. The need to wait for bank transfers or pay hefty fees is long gone. With Deenar, transactions are quick, direct, and cost-effective, providing a seamless financial experience no matter where you are.
Secure Savings and Investments: Deenar offers a safe and stable option for saving and investing. Its value is tied to gold, providing a hedge against market volatility and inflation. You can hold Deenar as a secure store of value or as part of a diversified investment portfolio.
A New Frontier in Ethical Digital Finance
As Web3’s adoption and growth continue, several gold stablecoins have entered the market, offering various utilities and benefits. However, Deenar stands out as the first fully Shariah-compliant gold stablecoin built for Muslims by Muslims. Deenar takes the end-to-end Sharia value chain into account, providing a solution that enables millions of Muslims around the world to practice their deen and earn dinar without compromising their values.
Additionally, Deenar enables anyone who values ethical finance to participate. It can potentially allow Muslims to transition from cash to crypto/blockchain seamlessly, similar to how many in Asia and Africa leapfrogged from money directly to mobile and internet technologies, skipping traditional banking infrastructure.
Deenar represents a significant milestone in digital finance. By merging the enduring value of gold with the flexibility and accessibility of blockchain technology, Deenar provides a unique financial tool that meets modern needs. Whether you’re seeking a stable currency for everyday use, a secure investment, or an ethical financial solution, Deenar delivers.
We invite you to explore its benefits and see how it can transform your financial activities. Stay tuned as we continue to innovate and expand within the HAQQ ecosystem, bringing cutting-edge ethical solutions designed for a stable, secure, and prosperous future.
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