Faith x Tech
At that time, Cullen said that the religion-linked token was a milestone for “where faith and technology work hand in hand to create ethical, transparent, and high-integrity financial systems.” The stablecoin was planned for December, according to The National Catholic Register, which interviewed the businessman.
Upon development, the Catholic USD was expected to be a 1:1 “that could be used for endowments, funding for global projects, church operations and treasury, and could be publicly available and listed on exchanges around the world,” the release said, noting a pending "regulatory review".
Donating yield
The Catholic USD adheres to a moral imperative of putting humanity first. “Because if we don’t, then we’re going to lose who we are,” the Register article quoted Cullen as saying. In a LinkedIn post dated a month ago, Cullen said that 100% of the Catholic USD’s yield would go directly to the poor and that fees from stablecoin usage would fund “grocery support, education, and global affordability.”
The initiative comes eight months after the election of Robert Francis Prevost, an American born in Chicago, as the 267th occupant of the papacy. Known as Leo XIV, he became Bishop of Rome following a betting frenzy involving millions of dollars on platforms such as where participants use the $ stablecoin to make "yes or no" predictions on events such as elections and sports.
While Leo XIV has largely stayed quiet on the topic of crypto he has warned about the moral consequences of technology, including calling on "builders of #AI to cultivate moral discernment as a fundamental part of their work" on the occasion of an industry conference in November.
Shariah digital assets
A Democratic former candidate for New York City mayor in 2021, Cullen was previously Managing Director of Innovation at the Fordham Foundry, Fordham University's business incubator, and was the first employee and operations lead at Grand Central Tech, a New York City tech hub.
While unusual, the religion-themed stablecoin is not without precedent. There are examples of digital assets that conform to Islamic Shariah law, which avoid prohibited activities like gambling or charging interest.
Malaysia’s Labuan financial hub approved a provisional licence to Fasset to launch a stablecoin-powered Islamic digital bank that facilitated interest-free banking and targeted underserved Muslim-majority populations.
Another example is the HAQQ Network, which runs an ‘ethics first” aligned with Islamic principles and which launched the ISLM , a native but not a stablecoin. It is used for transactions, paying fees, and participating in network governance.
Money & God(s)
Traditional money has also long been used to promote religion, with all US dollar currency bearing the national motto "In God we Trust" following a mid-20th century law.
Meanwhile, some proponents and holders of adopt a faith-based approach to investing in the asset, echoing some of the rituals and evangelical activities typically associated with religious movements. , the original cryptocurrency, has been described as a moral initiative that seeks to do good for society as many of its initial advocates had intended, always following the white paper as their code.
