If it was newly put in, it probably just has trapped air. Stir it and it will stop. It shouldn't be hurting anything though. If it is indeed just air as it most likely is, how can it harm the fish? It is no different than an air stone?
Is it like a Tahition Moon Sand or something? What kind of sand was it?
Can't say my aquarium salt has ever bubbled when it's gone into the water!