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Israel's Regulatory Authority Approves Shekel Pegged Stablecoin After Pilot on Solana Blockchain

Israel's Regulatory Authority Approves Shekel-Pegged Stablecoin After Pilot on Solana Blockchain

Approval follows two-year pilot of the BILS stablecoin on Solana.

Written by Rahul Dhingra, Edited by David Delima | Updated: 28 April 2026 18:11 IST

Israel's Regulatory Authority Approves Shekel-Pegged Stablecoin After Pilot on Solana Blockchain

Photo Credit: Unsplash/ Josh Appel

Stablecoin pegged to Shekel after pilot on Solana blockchain

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Highlights

Reserves to be held in segregated accounts in Israel
Launch follows regulatory pilot and licensing process
Rollout to begin in a limited and controlled environment

Israel's Capital Market Insurance and Savings Authority has approved the launch of a shekel-pegged stablecoin by the virtual exchange Bits of Gold. The virtual exchange holds a license to engage in virtual currencies after a comprehensive examination process and a dedicated pilot that lasted about two years. This offering will take place in a limited scope. The regulator also clarified that approval is given to the BILS stablecoin after a two-year pilot program of the stablecoin on the Solana blockchain.

BILS Stablecoin to Operate Under Strict Oversight, Limited Scope

As per the announcement, the reserve's assets for the stablecoin will be kept in "designated and separate accounts" in Israel. This project is a big step towards regulating the crypto industry by allowing such stablecoin activities by the Israel Tax Authority and the country's finance ministry. In terms of value, the currency is currently pegged to the shekel in a ratio of 1:1, with the reserve assets being held in designated and separate accounts.

The regulator has also ensured that this activity will be carried out under strict conditions, including information security, technology risk management, business continuity, and ongoing reporting obligations.

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The founder and CEO of Bits of Gold, Youval Rouach, stated that “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.“

At a time when stablecoin-pegged currencies are taking over, India is also reportedly looking to explore the use of stablecoins as per the Economic Survey 2025-2026. Officials had said that the survey may propose limited experimentation with stablecoins and could outline potential use cases for them as payment instruments in select scenarios. At a time when India is still working on its approach to digital assets and assessing how blockchain-based instruments might fit into the nation's larger payments and financial architecture, such a move would be considered an early policy shift.

Overall, this step could be good news for the financial sector in Israel. This coin is expected to make it possible to send money on the blockchain, speed up accounting between businesses, and create new services while keeping the economy stable and keeping people safe. Meanwhile, until the field is fully regulated, the Capital Market Authority will keep encouraging responsible and cautious technological innovation.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Stablecoin, Solana, Crypto Regulation

Rahul Dhingra

Email Rahul Dhingra

Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More