Bermuda Aims to Create The World’s First Fully On-Chain National Economy With Help From Coinbase and Circle

The Government of Bermuda has unveiled an ambitious strategy to transform its entire economy onto blockchain by partnering with Coinbase and Circle, the issuer of the USDC stablecoin. Announced at the World Economic Forum Annual Meeting, the initiative aims to lay the foundation for the “world’s first fully on-chain national economy,” starting with pilot programs that leverage digital asset infrastructure across public and private sectors. 

Under the plan, Coinbase and Circle will provide digital finance tools and enterprise blockchain infrastructure to government agencies, local banks, insurers, businesses, and consumers. Stablecoin-based transactions — especially using USDC as a fast, low-cost, dollar-denominated payment rail — are expected to reduce traditional payment fees, expand financial access, and keep economic value circulating locally. Initial efforts include pilot payments by government agencies and tokenization integrations for financial institutions, alongside nationwide digital finance education and technical onboarding for residents and merchants. 

Bermuda’s push builds on its long-standing pro-crypto regulatory framework, including the Digital Asset Business Act of 2018, which licensed both Coinbase and Circle to operate on the island. Earlier experiments included government USDC tax payments and token-based airdrops at the Bermuda Digital Finance Forum, laying groundwork for broader adoption. 

“Bermuda has always believed that responsible innovation is best achieved through partnership between government, regulators, and industry,” said Premier E. David Burt, emphasizing the collaborative approach to implementing digital finance at the national level. “With the support of Circle and Coinbase… we are accelerating our vision to enable digital finance… creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”

Circle CEO Jeremy Allaire added that Bermuda’s move showcases how “responsible blockchain innovation” can be scaled to national infrastructure, while Coinbase CEO Brian Armstrong called the effort a step toward economic freedom for local businesses, consumers, and institutions.