- Bermuda plans to move much of its economy on-chain with support from Coinbase and Circle.
- The effort begins with government stablecoin payment pilots and tokenization work for financial firms.
- The initiative includes nationwide digital literacy and technical onboarding programs.
- Leaders say the shift aims to lower costs and expand global financial access for residents and businesses.
- Bermuda’s economy is about $6.8 billion and the island has pursued crypto regulation and earlier stablecoin tests.
Bermuda announced at the World Economic Forum Annual Meeting on Monday that it will work with Coinbase and Circle to build digital-asset infrastructure for government agencies, banks, insurers and consumers. The government said the goal is to create the “world’s first fully on-chain national economy” to enable digital finance at the national level and to reduce costs and increase access.
The plan starts with pilots that let government bodies accept stablecoin payments and with tokenization tools for financial institutions. The program also includes digital literacy and onboarding programs delivered with the crypto firms to support technical adoption.
E. David Burt, Bermuda’s premier, framed the approach as public–private collaboration. “Bermuda has always believed that responsible innovation is best achieved through partnership between government, regulators, and industry,” he said, adding that the initiative aims to create opportunity and ensure residents benefit from future finance.
Coinbase emphasized its support for open financial systems. “Coinbase has long believed that open financial systems can drive economic freedom,” said Brian Armstrong. He also posted on Twitter, calling it “Huge. An entire country is coming onchain, using USDC and Base,” linking his reaction to the project via Brian Armstrong’s tweet.
Bermuda’s economy serves roughly 73,000 residents and had an estimated real GDP of about $6.8 billion in 2024, a figure that helped place it in a global ranking noted by the CIA World Factbook. The island has previously licensed crypto firms, allowed tax payments in USDC, tested a stablecoin, and passed the Digital Asset Business Act in 2018. Representatives for Circle and Coinbase did not immediately provide additional comment.
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