Bermuda plans fully onchain economy with Coinbase and Circle
The government of Bermuda plans to build a “fully onchain” national economy by leveraging digital asset infrastructure provided through a partnership with cryptocurrency exchange Coinbase and stablecoin issuer Circle.
On Monday, during the World Economic Forum’s annual meeting in Davos, Switzerland, Bermuda Prime Minister David Burt and representatives of Coinbase and Circle said the partnership would enable the Caribbean island nation to use the USDC stablecoin and Coinbase’s Base infrastructure to develop a new economic model.
As part of the initiative, Bermuda’s government institutions will begin with a pilot program focused on “stablecoin-based payments, the integration of tokenization tools by financial institutions, and public participation in nationwide digital literacy programs.”
“This initiative is about creating opportunity, reducing costs, and ensuring that the people of Bermuda benefit from the future of finance,” David Burt said.
Transition to digital rails to cut costs and boost efficiency
Since 2018, the Bermuda government has worked to attract crypto companies, including Coinbase and Circle, by adopting a comprehensive regulatory framework—the Digital Asset Business Act. And since last year, many local businesses have begun accepting digital payments following a USDC airdrop at the Bermuda Digital Finance Forum in May 2025.
As previously reported, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, and many other crypto industry leaders are attending the Davos forum this year. According to Armstrong, Coinbase’s goals at the event include discussions with global leaders on “how cryptocurrencies can modernize their financial systems” and promoting tokenization to “democratize access to capital markets.”
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