Israeli cryptocurrency exchange to launch shekel-backed stablecoin
Stablecoins, which are digital currencies that are pegged to stable assets such as fiat currencies, have a degree of appeal in the Middle East.
An Israeli cryptocurrency company said on Wednesday that it will launch the country’s first-ever stablecoin backed by the shekel.
Bits of Gold said in a statement that it received regulatory approval for the pilot of BILS, a stablecoin backed by Israel’s currency, the shekel. BILS will utilize infrastructure from the blockchain platform Solana, the digital asset company Fireblocks and the Israeli data encryption firm QEDIT. Bits of Gold said that the coin will provide users with new and faster ways to transfer shekels than the traditional banking system, according to the statement.
Bits of Gold is a cryptocurrency exchange based in Tel Aviv.
What it means: A stablecoin is a digital currency that is pegged to a stable reference asset, such as a fiat currency. USDC is a popular stablecoin that is redeemable by a 1:1 ratio to the US dollar, while EURC has the same relationship to the euro.
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