Israel approves first regulated stablecoin pegged to the shekel

Odaily Planet Daily News The Israel Capital Market Authority has approved Bits of Gold's issuance of the country's first shekel-pegged stablecoin, BILS. This token is a regulated asset launched by Bits of Gold after a two-year evaluation and pilot, with support from the Solana network, Fireblocks, and Ernst & Young. Bits of Gold stated that bringing the shekel on-chain aims to place it alongside currencies such as the euro, Japanese yen, and Singapore dollar, which have already entered the blockchain financial system. Currently, the stablecoin market has exceeded $300 billion. This issuance aims to counter the dominance of dollar-pegged tokens in on-chain payments and safeguard digital sovereignty.