Israel Approves Launch of Shekel-Pegged Stablecoin BILS

The Israeli government has taken another step towards regulating the cryptocurrency market with the approval of a shekel-pegged stablecoin.

BILS, issued by Bits of Gold, will be backed by reserves held in designated accounts within Israel, aligning with regulatory requirements aimed at ensuring transparency and consumer protection.

The launch comes as the global stablecoin market exceeds $320 billion, largely dominated by US dollar-pegged tokens such as Tether USDt.