Bermuda Collaborates with Coinbase and Circle to Build a "Fully Onchain" National Economic System

Odaily News According to reports, the Bermuda government has announced a partnership with Coinbase and Circle, planning to develop Bermuda into a "fully onchain" national-level economy and utilize digital assets as part of its daily financial infrastructure.

The plan was unveiled during the World Economic Forum in Davos, Switzerland. Key initiatives include piloting stablecoin payments within government departments, promoting the adoption of USDC among local merchants, and supporting financial institutions in implementing asset tokenization and digital financial instruments. Coinbase and Circle will provide digital asset infrastructure and technical support to the government, banks, insurance institutions, small and medium-sized enterprises, and individual users, alongside conducting nationwide digital financial literacy programs.

The Bermuda government stated that traditional payment systems are costly and restrictive for small island economies, whereas onchain finance can help reduce costs, improve efficiency, and expand financial accessibility. Bermuda's Premier, David Burt, noted that this initiative aims to create more opportunities for local residents and ensure they benefit from the future development of the financial system.