Israel approves BILS shekel stablecoin after Solana pilot

Israeli regulators have approved the launch of BILS, a shekel-pegged stablecoin issued by local virtual exchange Bits of Gold. 

The approval came after a two-year pilot program on the Solana blockchain. The Capital Market, Insurance and Savings Authority granted the approval in a Monday notice. The move places BILS among the first stablecoins linked directly to the Israeli shekel.

According to the announcement, BILS reserve assets will be kept in Israel through designated and separate accounts. This structure aims to support oversight as the country builds rules for digital assets.

The project forms part of a wider push by the Israel Tax Authority and the Finance Ministry to regulate crypto activity. That effort includes allowing selected stablecoin operations under local supervision.

Bits of Gold says BILS links shekel to crypto markets

Bits of Gold founder and CEO Youval Rouach said the stablecoin would connect the Israeli currency with blockchain-based financial services.

“BILS creates a direct bridge between the Israeli shekel and the global digital assets economy, enabling real-time payments, on-chain trading and programmable financial applications based on a regulated local currency,” Rouach said.

The launch also follows rising use of stablecoins in global crypto markets. As of press time, the stablecoin market was valued at more than $320 billion, with U.S. dollar-pegged tokens such as Tether’s USDT leading the sector.

Stablecoin rules remain under review in the U.S.

Israel’s approval comes as other markets continue to debate stablecoin rules. In the United States, lawmakers are still discussing a digital asset market structure bill covering stablecoin yield, tokenized equities, and ethics concerns tied to President Donald Trump’s crypto links.

The bill has remained stalled in the U.S. Senate since July 2025. It still needs a markup from the Senate Banking Committee before it can move toward a possible vote.