The government of Bermuda announced on Monday at the World Economic Forum that it will partner with Coinbase and Circle to pilot stablecoin payments and tokenization across public and private sectors. The program aims to create a fully on-chain national economy to lower costs and expand global financial access.
The initiative will involve government agencies, local banks, insurers, and consumers, with technical support and digital-asset education from the firms. Officials described the first steps as stablecoin payment pilots and tokenization tools for financial institutions.
Bermuda Premier E. David Burt said, “Bermuda has always believed that responsible innovation is best achieved through partnership between government, regulators, and industry,” and added, “This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”
The plan calls for using digital assets as everyday financial infrastructure, a move officials called the world’s first fully on-chain national economy. (Ed. note: Bermuda has about 73,000 residents and an estimated $6.8 billion real GDP in 2024, according to the CIA World Factbook.)
The effort builds on earlier steps: Coinbase received a license from the Bermuda Monetary Authority in 2023, and the island previously allowed tax payments in USDC and tested a stablecoin. Coinbase CEO Brian Armstrong said, “Coinbase has long believed that open financial systems can drive economic freedom,” and the company expressed support for the transition (see Armstrong’s tweet).
