The government of Bermuda has announced a landmark initiative to create the world's first "fully onchain" national economy, partnering with cryptocurrency exchange Coinbase and stablecoin issuer Circle. The plan was unveiled by Bermuda Premier David Burt alongside representatives from the two companies during the World Economic Forum Annual Meeting in Davos, Switzerland.
The partnership will leverage Circle's USDC stablecoin as the core payment option and Coinbase's Base infrastructure to develop a new model for the island nation's financial system. Bermuda government agencies will launch a pilot program focusing on stablecoin-based payments, financial institutions integrating tokenization tools, and nationwide digital literacy programs for residents.
"This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance," said Premier Burt. The initiative builds upon Bermuda's established regulatory framework, the Digital Asset Business Act of 2018, which has positioned the country as an early leader in regulated digital innovation.
Circle will supply payment infrastructure and guide local banks and businesses through the adoption of new digital tools, strengthening its role in regulated markets. Several Bermudian merchants already accept USDC. Coinbase will deploy onchain infrastructure for government and private institutions, supporting tokenization and helping build systems compatible with stablecoin payments. This engagement follows Coinbase's participation in the 2025 Digital Finance Forum, which included a national USDC airdrop that accelerated digital adoption.
The government expects new pilots to begin soon, with banks integrating tokenization platforms and exploring new settlement models to improve speed and reduce costs. These efforts will be expanded at the Digital Finance Forum 2026, aiming to build an inclusive and resilient national economic system running on open, onchain infrastructure.
