Bermuda Partners With Coinbase And Circle To Build Onchain Economy

TLDR

• Bermuda will pilot stablecoin payments in government and business with USDC.
• Coinbase and Circle will support infrastructure, onboarding, and education.
• The partnership builds on Bermuda’s 2018 digital asset regulation.
• The initiative is non-exclusive and voluntary for residents and businesses.

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Bermuda is working with Coinbase and Circle to build what it describes as a fully onchain economy. The announcement was made during the World Economic Forum 2026 in Davos. It includes plans to use digital assets in government operations, local businesses, and everyday consumer payments.

The government said the aim is to lower costs, increase access to financial tools, and support economic growth. Premier E. David Burt said in a statement, “This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”

Stablecoin Payments to Be Piloted Across Government and Business

The use of Circle’s USDC stablecoin will be central to the effort. According to the announcement, the government will pilot USDC-based payments across selected agencies. Several businesses have already started accepting USDC for daily transactions.

USDC allows for low-cost, fast, and dollar-based payments. Since many island jurisdictions face high banking and transaction fees, this digital payment system could help reduce those expenses. The plan also includes expanding stablecoin use among local merchants and financial institutions.

Blockchain Education and Technical Support for Residents and Firms

The initiative includes a nationwide digital finance education program. It is designed to help residents and businesses understand and use blockchain-based tools. Coinbase and Circle will provide technical support and onboarding to increase adoption of these tools.

At the 2025 Bermuda Digital Finance Forum, the government, Circle, and Coinbase distributed 100 USDC to each attendee. This real-world test allowed local merchants to begin accepting digital payments and helped residents experience using stablecoins. The program will expand in the 2026 Forum, scheduled for May 11–14.

Non-Exclusive, Voluntary Program with Open Partnerships

The partnership is non-exclusive, which allows Bermuda to work with other companies and blockchain technologies in the future. Participation is not mandatory. Residents and businesses can choose whether to use onchain tools and platforms.

A source close to the project confirmed to The Block that the program is aspirational. The long-term goal is to build a more inclusive and connected economy by keeping more value circulating within the island’s financial system.

Foundation Built on Early Digital Asset Regulation

Bermuda began regulating digital assets in 2018 with the Digital Asset Business Act. It was among the first countries to create a framework for digital finance. Circle and Coinbase were both licensed early under this law. Coinbase also operates a Bermuda-based platform offering derivatives outside the United States.

The new steps build on this regulatory foundation. Bermuda hopes that its position as an early mover will help drive adoption and innovation in digital payments. The stablecoin-as-a-service product from Coinbase, announced alongside the news, could allow more firms to issue custom-branded stablecoins.

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