Israel approves the first regulated stablecoin pegged to the shekel

The Israeli Capital Market Authority has approved Bits of Gold to issue the country's first stablecoin pegged to the shekel, BILS. This token is a regulated asset launched by Bits of Gold on the Solana network, with the support of Fireblocks and Ernst & Young, after a two-year evaluation and pilot program.

Bits of Gold stated that bringing the shekel on-chain aims to position it alongside currencies like the euro, yen, and Singapore dollar, which have already entered the blockchain financial system. Currently, the stablecoin market has surpassed $300 billion, and this issuance aims to address the dominance of dollar-pegged tokens in on-chain payments and maintain digital sovereignty.