Bits of Gold won approval to issue a shekel-backed stablecoin on Solana under tight regulatory limits in Israel.
Bits of Gold, a licensed Israeli crypto broker founded in 2013, has received approval from Israel’s Capital Market Authority to issue a shekel-backed stablecoin on Solana after a roughly two-year regulatory pilot.
The token, called BILS (Blockchain Israeli Shekel), is pegged 1:1 to the Israeli shekel, with reserves held in segregated bank accounts inside Israel, according to the regulator’s LinkedIn post.
Issuance will start in a limited format with a predefined cap as the approval requires full reserve backing, reporting, and strict controls.
Read also: Western Union to Launch USDPT Stablecoin on Solana in May
Solana Becomes the Payment Rail
BILS is being issued on Solana, based on prior disclosures from Bits of Gold during the pilot phase, where the company cited low transaction costs and fast settlement as key reasons for choosing the network.
According to the project’s documentation, blockchain infrastructure firm Fireblocks is handling custody, while privacy tech firm QEDIT worked on the technical layer, and consulting giant EY designed controls.
That setup was tested during the regulatory sandbox period coordinated with the Capital Market Authority.
What’s Still Missing
There’s still barely any hard data out there on issuance size, circulation targets, or even a public launch timeline. The regulator is clearly keeping this tightly controlled for now, framing it as a limited rollout rather than a full-scale launch.
For context, the global stablecoin market is already massive and still heavily dominated by dollar-backed tokens like USDT and USDC.
On the shekel side, though, it’s basically empty as there’s no significant shekel-pegged stablecoin listed on trackers like CoinGecko or CoinMarketCap yet.
Read more: TRC-20 vs ERC-20 or BEP-20: Beginner’s Guide to Crypto Networks, Fees, Speed & Key Differences
