- Israel’s Capital Market, Insurance and Savings Authority has approved the BILS stablecoin, pegged 1:1 to the Israeli shekel.
- The stablecoin, launched by exchange Bits of Gold, concluded a two-year pilot on the Solana blockchain with reserves held in separate domestic accounts.
- This regulatory move is part of a broader Israeli government effort to establish clear rules for digital assets, including stablecoins.
- The launch coincides with the shekel trading at a 30-year high against the US dollar, valued at approximately $0.34.
Israel’s financial regulator has given official approval for the country’s first regulated shekel-pegged stablecoin, a landmark decision published on Monday. The Capital Market, Insurance and Savings Authority greenlit the BILS stablecoin following a two-year pilot program conducted on the Solana Blockchain by the virtual exchange Bits of Gold.
According to the regulator’s Monday notice, the stablecoin’s reserve assets will be held in Israel in designated and separate accounts. This project forms part of a larger initiative by the Israel Tax Authority and Finance Ministry to formalize oversight of the crypto industry, including stablecoin activities.
Consequently, Bits of Gold founder and CEO Youval Rouach stated that “BILS creates a direct bridge between the Israeli shekel and the global digital assets economy.” He emphasized the coin’s potential for enabling real-time payments, on-chain trading, and programmable financial applications. Meanwhile, the global stablecoin market capitalization exceeds $320 billion, a sector primarily dominated by US dollar-pegged coins like Tether‘s USDT.
The stablecoin’s debut arrives as the Israeli shekel trades at a 30-year high of approximately $0.34 against the US dollar. In the United States, however, lawmakers continue to debate provisions within a stalled digital asset market structure bill, which addresses stablecoin yield and other contentious issues Iran-war/” rel=”nofollow noopener”>according to reports.
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