Bermuda teams with Coinbase, Circle to launch USDC and Base for fully onchain economy plan

On Monday in Davos, Bermuda announced plans to build a fully onchain national economy. The plan will use USDC and Coinbase‘s Base platform, stated officials.

Government agencies will pilot stablecoin payments and enable financial institutions to adopt tokenization tools. Residents will also join nationwide digital literacy programs, officials said (Ed. note: pilot covers payments, tokenization, and digital literacy).

It builds on past efforts to attract crypto firms, after bypassing regulations in 2018. David Burt said “This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”

The announcement was also shared by Coinbase on its social channel.