Crypto World News reports that the Israel Capital Market Authority has approved a stablecoin pegged to the Shekel for the first time.


Tel Aviv-based cryptocurrency exchange Bits of Gold has received authorization to issue the token after two years of assessment and pilot testing.
The token is called BILS, developed in collaboration with the Solana network and crypto custody giant Fireblocks, with an audit provided by one of the Big Four accounting firms, Ernst & Young.
The stablecoin market has grown rapidly over the past 18 months, now exceeding $300 billion, mainly driven by the establishment of formal regulatory frameworks in major markets like the United States.
Bits of Gold stated that the Shekel has performed strongly in developed markets, appreciating over 20% against the US dollar in the past year.
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