Israel has approved its first shekel-backed stablecoin, marking a major step toward integrating digital assets into its regulated financial system.
The token, which is called BILS, has been cleared by the Israel Capital Market Authority after a two-year regulatory pilot, positioning it as the country’s first officially sanctioned fiat-backed stablecoin.
BILS is a 1:1 shekel-pegged stablecoin, fully backed by reserves held in regulated accounts within Israel. This structure ensures price stability while aligning with traditional financial safeguards, including transparency and redemption guarantees.
The stablecoin runs on the Solana blockchain, following a multi-year pilot that tested its operational resilience, custody systems, and compliance capabilities.
The project also integrates institutional-grade infrastructure, including custody solutions from Fireblocks and auditing by Ernst & Young.
Tel Aviv-based cryptocurrency exchange Bits of Gold received authorization to issue the token after a two-year evaluation and pilot process, the authority said in a post on LinkedIn.
The approval by Israel marks a milestone not just for Israel, but for the broader region. BILS is being positioned as the first government-approved fiat-backed stablecoin in the Middle East, connecting a national currency directly to blockchain infrastructure.
Source: LinkedIn
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