Israel has approved the launch of a shekel-pegged stablecoin, marking a step forward in integrating digital assets into its regulated financial system.
The Israel Capital Market, Insurance and Savings Authority granted approval to the BILS stablecoin issued by Bits of Gold following a two-year pilot programme on the Solana blockchain.
The stablecoin will be backed by reserves held in designated accounts within Israel, aligning with regulatory requirements aimed at ensuring transparency and consumer protection.
“BILS creates a direct bridge between the Israeli shekel and the global digital assets economy, enabling real-time payments, on-chain trading and programmable financial applications based on a regulated local currency,“
Said Bits of Gold CEO, Youval Rouach.
The launch comes as the global stablecoin market exceeds $320 billion, largely dominated by US dollar-pegged tokens such as Tether USDt.
BILS is among the first stablecoins tied to the Israeli shekel and arrives as the currency trades near a 30-year high against the US dollar.
The approval reflects Israel’s broader push to regulate crypto markets, as governments worldwide continue to debate stablecoin frameworks and their role in financial systems.
At the time of reporting, Solana price was $84.61.