Bermuda teams up with Coinbase and Circle, aiming to build a ‘fully onchain’ economy

The Government of Bermuda announced a partnership with Coinbase and Circle to establish a "fully onchain" national economy, integrating blockchain-based payments and financial tools across government, businesses, and consumers. This initiative aims to lower costs and increase access to global finance for Bermudians, addressing limitations imposed by traditional payment rails. Circle's USDC stablecoin is central to the plan, enabling fast, low-cost, dollar-denominated transactions. The partnership builds upon Bermuda's early adoption of digital asset regulation, dating back to its 2018 Digital Asset Business Act. Future steps include piloting stablecoin payments, integrating tokenization tools, and launching digital literacy programs. While the partnership is non-exclusive, the transition is aspirational, with no mandatory adoption required for residents or businesses.

(Source：The Block)