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Israel regulator approves Bits of Gold’s shekel stablecoin BILS after Solana pilot

Israel’s Capital Market Authority approved Bits of Gold to issue BILS, a shekel-pegged stablecoin launching on Solana after a two-year evaluation and pilot supported by Fireblocks and EY.

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Fact Check
The claim's core timeline is supported by 'First ever Israeli shekel-backed stablecoin approved for pilot launch', which shows regulator approval for the BILS pilot on Solana in March 2024. 'Israel approves BILS shekel stablecoin after Solana pilot' then reports a later regulator clearance after a two-year Solana pilot and adds the reserve-custody detail about designated independent local accounts. The PANewsLab article repeats the same approval, Solana-pilot, and reserve-account details. However, because no direct regulator or Bits of Gold primary announcement was found in this run, confidence is medium rather than high.
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Summary

Israel’s Capital Market Authority approved Bits of Gold to issue BILS, described as the country’s first shekel-pegged stablecoin. The regulated asset is set to launch on Solana after a two-year evaluation and pilot. Bits of Gold said the rollout was supported by Fireblocks and EY. The approval adds a new local-currency stablecoin to the digital asset market at a time when the global stablecoin sector has grown beyond $300 billion.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a fixed value by being pegged to a reference asset such as a fiat currency.
  • Solana: A blockchain network built for high transaction speed and lower costs, often used for token issuance and decentralized applications.