Israel officially approves Solana-based Shekel stablecoin BILS

Israeli authorities have granted final approval for the launch of BILS, a stablecoin pegged to the shekel, by crypto exchange Bits of Gold. The approval follows a successful two-year pilot program on the Solana blockchain. Reserve assets for BILS will be held securely in a separate, designated account within Israel, in compliance with regulatory guidelines from the National Tax Service and the Ministry of Finance. The launch comes as the shekel's value has reached a 30-year high against the U.S. dollar, and the stablecoin is expected to enhance the efficiency of real-time payments and on-chain transactions. Meanwhile, the U.S. Senate continues to debate legislation concerning regulations on stablecoin yields and conflicts of interest.