Israel approves first regulated stablecoin pegged to the Shekel

Odaily Planet Daily News The Israel Capital Markets 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 after a two-year evaluation and pilot program, supported by the Solana network, Fireblocks, and Ernst & Young. Bits of Gold stated that bringing the Shekel on-chain aims to place it alongside currencies like the Euro, Japanese Yen, and Singapore Dollar, which have already entered the blockchain financial system. Currently, the stablecoin market size has exceeded $300 billion. This issuance aims to counter the dominance of dollar-pegged tokens in on-chain payments and safeguard digital sovereignty.