Sharia economic law analysis of the stability and liquidity of tether currency investments
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Dec 30, 2025
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Abstract
This study aims to analyze the interpretation of Islamic economic law regarding Tether Currency investments and its impact on economic productivity and effectiveness in the context of societal progress in the 5.0 era. The development of financial technology (fintech) has introduced various digital assets, including stablecoins such as Tether (USDT), which offer the potential for investment diversification but also raise questions regarding their compliance with Sharia principles. Using a qualitative-descriptive approach and literature review, this study explores fatwas related to digital assets, the characteristics of Tether, and their implications for achieving Sharia issues and objectives (maqasid syariah). The results indicate that the legal status of Tether in the Islamic economy still requires in-depth review, particularly regarding the issues of gharar, riba, and maisir. Although Tether has the potential to increase transaction efficiency and investment accessibility in the 5.0 era, its productivity and effectiveness in driving societal progress depend heavily on compliance with Sharia principles and clear regulations. This study recommends the development of a comprehensive fatwa framework for digital assets to ensure halal and blessed investments for society.
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How to Cite
Khilmina, L. I., Permata Exsti, C. D., & Mulya Wati, B. M. (2025). Sharia economic law analysis of the stability and liquidity of tether currency investments. Enrichment : Journal of Management, 15(5), 664-673. https://doi.org/10.35335/enrichment.v15i5.2432
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Widyastuti, M., & Hermanto, B. (2021). Cryptocurrency Analysis of Indonesian Market Education Facilities. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
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Ardiana, T. E., Sugianto, L. O., & Chamidah, S. (2020). The Influence of Minimum Investment Capital, Risk Perception on Students Investment in Indonesia Capital Market. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 4. http://jurnal.stie-aas.ac.id/index.php/IJEBAR
Belinda. (2025). USDT Jadi Pilihan Investasi Kripto Orang Kaya Indonesia.
Bonang, D., & Sukmana, A. H. (2020). Manajemen Keuangan dan Investasi Syariah.
Burhanuddin, S. F. (2022). Transaksi cryptocurrency : Bagaimana pandangan hukum ekonomi islam memandang? Jurnal Ilmiah Akuntansi Dan Keuangan, 4(7), 2022. https://journal.ikopin.ac.id/index.php/fairvalue
Dixit, V., & Prasad, A. (2025). A Bibliometric Analysis of Industry 4.0 Literature in the Operations Management Domain. Journal International Operation and Supply Chain Management, 18(1), 32–44.
Fajri, D. (2022). Hukum Ekonomi Syariah. LPPM Universitas Bung Hatta.
Haris, H. (2021). Bursa Efek Indonesia: Mengenal Pasar Modal Syariah di Indonesia (Cetakan I). CV Gerbang Media Aksara.
Huda, M., & Soelistyo, P. A. (2025). Analisis Hukum Islam dan Hukum Positif di Indonesia Terhadap Investasi Cryptocurrency. Journal of Islamic Economics, Banking, and Social Finance, 1(1), 42–54. https://doi.org/10.61111/jiebsf.v1i1.794
Ikrima, S. P., & Darmawan, S. (2023). Analisis Volatily Spillover Bitcoin Terhadap Ethereum, Tether, dan Emas Dunia Menggunakan Metode EGARCH. Jurnal Manajemen Dan Perbankan (JUMPA), 10(2), 47–60. https://doi.org/10.55963/jumpa.v10i2.555
Juwita, R., Melinia Ramadhani, D., & Wahyu Intan Maris, A. (2023). The Determinants of Cryptocurrency Returns. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 12(2).
Kholidah, & Dkk. (2016). Hukum Ekonomi Syariah. Semesta Aksara.
Kholiq, M., Noviarita, H., & Kurniawan, M. (2024). International Trade Relation, Economic Openness, Human Capital and Economic Growth of Apec Upper Middle Income Countries: a Shariah Economic Perspective. International Journal of Economic, Business and Accounting Research. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Lipton, A., Sardon, A., Sch, F., & Sch, C. (2020). From Tether to Libra : Stablecoins , Digital Currency and the Future of Money.
Nafis, M. Cholil. (2011). Teori hukum ekonomi syariah. Penerbit Universitas Indonesia.
Nawatmi, S., Santosa, A. B., & Nusantara, A. (2024). The Role of Gold as Save Haven or Diversifier Invesment in Indonesia. Business and Accounting Research International Journal, 8. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Nurdin, R. (2018). Hukum Ekonomi Syari’ah: Substansi dan Pendekatan. Sahifah - UIN Ar-Raniry.
Peebles, G. (2020). Banking on Digital Money: Swedish Cashlessness and the Fraying Currency Tether. Cultural Anthropology, 36(1), 1–24. https://doi.org/10.14506/ca36.1.01
Puspana, I. M. A. J. (2025). Analisis Fundamental dan Teknikal pada Cryptocurrency Stablecoin Tether. Jurnal Sosial Dan Teknologi (SOSTECH), 5(3).
Pyykkö, H., Lauhkonen, A., Hinkka, V., Karvonen, H., & Leviäkangas, P. (2024). Benchmarking Approach to Support Technology Investment Decisions: A Study of Technology Implementation in Last-mile Distribution. International Journal of Technology, 15(3), 517–530. https://doi.org/10.14716/ijtech.v15i3.5431
Rahayu, B. S. (2023). Seven Determinants of The Size of a Manufacturing Company’s Value Listed on The Indonesia Stock Exchange. Business and Accounting Research, 7. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Rejeb, A., Rejeb, K., & G. Keogh, J. (2021). Cryptocurrencies in Modern Finance: A Literature Review. Etikonomi, 20(1), 93–118. https://doi.org/10.15408/etk.v20i1.16911
Rosa, G., & Pareschi, R. (2021). Tether: A Study on Bubble-Networks. Frontiers in Blockchain, 4. https://doi.org/10.3389/fbloc.2021.686484
Sahab, S., & Oulfarsi, S. (2024). Trends and Insights in Supply Chain Risk Management: A Comprehensive Review of Literature. OPERATIONS AND SUPPLY CHAIN MANAGEMENT, 17(4), 402–416.
Saparuddin, M. (2015). Effect Invesment and The Rate of Inflation to Economic Growth in Indonesia. 14(1), 87–95. www.bi.go.id
Schoggers, H. J. Van, Suyanto, & Tanaya, O. (2024). Exploring The Role of Blockchain and Cryptocurrency in Reshaping Global Trade: a Bibliometric Analysis. Costing: Journal of Economic, Business and Accounting, 7.
Suci, A. F., Cycasmi, A., & Sani, C. (2025). Analisis Efektivitas Produk Investasi Syariah Dalam Menarik Nasabah Terhadap Kepercayaan Konsumen Di Indonesia. 4(1).
Sumual, L. P., Saerang, I. S., Murni, S., & Tulung, J. E. (2023). Financial System Sinergy: Financial Inclusion, Fintech, and CBDC. International Journal of Economic, Business and Accounting Research, 7. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Susilowardhani, Sekar Bidari, A., & Nurviana, R. (2022). Regulation and The Future of Cryptocurrency in Indonesia. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 6. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Syahrial, A. A., & Syai’in. (2025). Analisis Aset Kripto dalam Pandangan Imam Syafi’i. Jurnal Ilmiah Nusantara (JINU), 2.
Tarigan, K. S. P., Jessica Simanungkalit, Tasya Oren Sagala, & Yesi Veronica. (2025). Analisis Investasi Terhadap Pertumbuhan Ekonomi. Jurnal Publikasi Ekonomi Dan Akuntansi, 5(2), 415–422. https://doi.org/10.51903/jupea.v5i2.4383
Vanni, K. M., & Dkk. (2023). Investasi dalam Islam.
Von Haartman, R., Prester, J., Bengtsson, L., & Niss, C. (2025). Matching Digital Technologies with Lean Practices in Production. Operation and Supply Chain Management, 18(1), 19–32.
Widyastuti, M., & Hermanto, B. (2021). Cryptocurrency Analysis of Indonesian Market Education Facilities. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Wijaksana, M. A., & Faishal, M. (2025). Kontribusi Pemahaman Hadis dalam Memahami Hukum Cryptocurrency. Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora, 11(2), 1037–1050. https://doi.org/10.37567/alwatzikhoebillah.v11i2.4361
Yunita, P. (2022). Jurnal Middle East and Islamic Studies The Evolution of Money To Cryptocurrency : Are They Eligible To Be Islamic Digital Money. 9(1). https://doi.org/10.7454/meis.v9i1.147