Israel Approves First Regulated Shekel-Pegged Stablecoin BILS

The Capital Market Authority has approved the launch of BILS, the first regulated stablecoin pegged to the Israeli shekel. This approval follows a two-year evaluation and pilot process conducted by the regulator. Bits of Gold, a cryptocurrency exchange based in Tel Aviv, is authorized to issue the token on the Solana network in collaboration with Fireblocks.

To ensure stability and transparency, the stablecoin maintains reserve assets in separate accounts within Israel and is subject to auditing oversight by Ernst & Young. The initiative is part of a larger effort by the Ministry of Finance and the Israel Tax Authority to integrate the national currency into the global digital assets economy.

The launch comes as the shekel has emerged as one of the strongest performing fiat currencies among developed markets, gaining more than 20% against the U.S. dollar over the past year. The integration aims to enable real-time payments and programmable financial applications using a regulated local currency.