Bermuda is taking a major step toward digital transformation by partnering with Coinbase and Circle to develop a fully onchain national economy. The initiative builds on years of regulatory groundwork and positions the island nation as a leading jurisdiction for blockchain-based public finance.
Announced during the World Economic Forum meeting in Davos, the partnership will leverage USDC stablecoin infrastructure and Coinbase’s Base network to support government and private-sector use cases. The initial phase includes stablecoin-based payments, tokenization tools for financial institutions, and digital literacy programs aimed at residents.
Government officials stated that the goal is to lower transaction costs, modernize public services, and ensure citizens directly benefit from blockchain adoption. Several local businesses are already accepting digital payments following earlier USDC distribution initiatives.
Bermuda’s progress is rooted in its 2018 Digital Asset Business Act, a comprehensive framework designed to attract and regulate crypto firms. This clarity has helped the country establish long-term relationships with major digital asset providers.
The announcement comes amid growing global focus on stablecoins, tokenized assets, and onchain finance. Industry leaders at the World Economic Forum are increasingly discussing how blockchain technology can modernize financial systems, with Bermuda now serving as a real-world testing ground for a national onchain economy model.
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