The Bermuda government has announced plans to transform the island into what it calls the world’s first fully on-chain national economy, in partnership with stablecoin issuer Circle and US-based crypto exchange Coinbase.
The announcement was made at the World Economic Forum’s annual meeting in Davos, where Bermuda officials said the initiative would see digital assets used as everyday financial infrastructure across the country.
Circle and Coinbase say they will provide digital asset infrastructure and enterprise tools to the Bermudian government, local banks, insurers, small and medium-sized businesses and consumers, while also supporting digital financial education and technical integration nationally.
According to Brian Armstrong, CEO of Coinbase,
“Huge. An entire country is coming on-chain, using USDC and Base.
We are excited to support Bermuda’s transition to a chain economy that empowers local businesses, consumers and institutions.
According to Circle, the move aims to address the high costs and restrictions associated with traditional payment channels in island economies, where merchant fees and access to onshore banking services can be limited. The company says USDC will allow Bermudian merchants to accept fast, low-cost dollar-denominated payments while still meeting compliance requirements.
According to Jeremy Allaire, co-founder and CEO of Circle,
“Bermuda has been a global pioneer in regulating digital assets and continues to demonstrate what responsible blockchain innovation looks like domestically.
We are proud to deepen our commitment as Bermuda empowers people and businesses to benefit from USDC and on-chain infrastructure.
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