Bermuda Teams with Coinbase and Circle to Build On-Chain Economy

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The government of Bermuda announced plans to pilot key components of a “fully onchain” digital economy using blockchain infrastructure provided by Coinbase and Circle. The initiative will begin with stablecoin payments and tokenization tools across select public-sector and financial services.

Bermuda established itself as a crypto-friendly hub following the passage of its Digital Asset Business Act in 2018, a comprehensive regulatory framework that has drawn digital asset firms like Coinbase and Circle to its shores.

In a Monday announcement from the World Economic Forum Annual Meeting in Davos, Bermuda Premier David Burt joined representatives from Coinbase and Circle to detail the partnership. The collaboration will leverage the USDC stablecoin and Coinbase’s Base infrastructure to develop a new economic model for the island nation.

According to the announcement, Bermuda’s government agencies will launch a pilot program focusing on stablecoin-based payments, tokenization integration for financial institutions, and nationwide digital literacy initiatives for residents.