Israel authorizes BILS, a Solana-based shekel stablecoin with audited reserves after two years of testing

Israel’s Capital Market, Insurance and Savings Authority approved the country’s first regulated shekel‑pegged stablecoin, BILS, following a two‑year review and live‑testing period; the issuer is licensed crypto brokerage Bits of Gold ^{[1] [2]}.

Issuers say BILS is fully backed 1:1 by Israeli shekel reserves held in segregated bank accounts and audited by EY; custody is provided by Fireblocks and the token was developed on the Solana network, with reported sub‑400ms settlement and optional privacy via QEDIT zero‑knowledge proofs ^{[1] [2]}.

Observers and local reporting note the approval could diversify the global stablecoin market by introducing a non‑dollar‑pegged option and represents a milestone for Israeli crypto oversight and digital‑asset adoption ^{[3] [4]}.

The regulator’s sign‑off establishes a regulated shekel‑pegged token on public blockchain infrastructure, marking a regulatory first for Israel’s crypto market ^{[1] [3]}.