So, the Capital Market Authority in Israel just gave the green light to BILS, which is the first stablecoin that's been regulated and is pegged 1:1 to the New Israeli Shekel (ILS).
Some important details:
- It's issued by Bits of Gold, who have been around since 2013 and are licensed.
- It operates on the Solana blockchain.
- It's completely backed by ILS held in separate bank accounts in Israel.
- Ernst & Young have audited it.
- Fireblocks is handling custody.
This is a big deal since 99% of stablecoins are linked to the USD. BILS is one of the few regulated stablecoins from a developed country that isn't tied to the dollar.
I've also created a full educational guide on BILS.
Feel free to hit me up with any questions.
Israel's first shekel stablecoin let's talk BILS
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