Bermuda to Become First Fully On-Chain National Economy
Bermuda has announced its plans to become the first fully on-chain national economy with support from Coinbase and Circle. This bold initiative, unveiled at the World Economic Forum in Davos, aims to integrate blockchain technology and digital assets into the core of Bermuda’s financial infrastructure.
The initiative will be a transformative step for the island, seeking to improve payment systems, financial access, and lower transaction costs for businesses and consumers.
Stablecoins and Digital Assets to Transform Bermuda’s Economy
The heart of this initiative lies in the use of stablecoins, specifically USDC, to facilitate everyday transactions. USDC will be the primary settlement asset for the new economy, enabling fast, low-cost, dollar-denominated payments.
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,” said Premier E. David Burt. Coinbase and Circle will help local businesses and government agencies adopt on-chain payment tools, allowing them to benefit from blockchain’s efficiency.
Coinbase and Circle will also assist with nationwide digital finance education and technical onboarding to ensure that residents and businesses smoothly transition to using blockchain wallets and payments.
Government offices will begin testing stablecoin payments, while banks and insurers will introduce tokenization and digital settlement systems. The aim is to make Bermuda a real-world example of how blockchain can scale beyond pilots and create lasting economic change.
A Bold Step Toward Lower Costs and Greater Economic Access
The government’s partnership with Coinbase and Circle is a voluntary and non-exclusive model. Businesses and residents are not required to adopt on-chain tools, but the initiative is designed to provide them with the option to benefit from the technology.
Coinbase CEO Brian Armstrong stated, "Huge. An entire country is coming on-chain, using USDC and Base. Excited to support Bermuda’s transition toward an on-chain economy that empowers the people, local businesses, and institutions."
This ambitious initiative is expected to enhance global financial access, lower transaction costs, and create new opportunities for Bermudians.