Bermuda Moves Key Payments and Financial Services to Stellar, Advancing a Fully On-Chain National Economy

Odaily Odaily Planet Daily News The Stellar Development Foundation and the Government of Bermuda jointly announced that Bermuda will migrate key payment and financial services to the Stellar network, formally advancing the construction of a "fully on-chain national economy." The plan, based on Bermuda's 2018 Digital Asset Business Act regulatory framework, aims to significantly reduce the payment processing costs faced by local merchants, which are currently between 3% and 5% or even higher.

According to the plan, Bermuda residents will be able to receive wages, make merchant payments, pay government fees, and hold digital assets through digital wallets on the Stellar network in the future. The government will pilot stablecoin payments, financial institutions will be able to access tokenized instruments, and related assets will also be used for government payment scenarios, such as social welfare distribution.