Israel clears first shekel-backed stablecoin after two-year review
Crypto Briefing
Israel has authorized the launch of BILS, the first shekel-backed stablecoin, following a rigorous two-year regulatory review process.Summary
The Israel Capital Market Authority has approved BILS, a stablecoin pegged 1:1 to the Israeli new shekel, developed by Bits of Gold on the Solana blockchain. This marks the first government-approved fiat-backed stablecoin in the Middle East, designed to facilitate real-time payments and programmable finance while reducing reliance on U.S. dollar-pegged assets. The rollout is currently restricted to qualified participants, with strict regulatory oversight regarding security and reporting, as the nation simultaneously drafts a comprehensive Stablecoin Law.
(Source：Crypto Briefing)