The government of Bermuda is planning to create a “fully onchain” national economy using digital asset infrastructure. This initiative will be facilitated through strategic partnerships with cryptocurrency exchange Coinbase and stablecoin issuer Circle.
During an announcement made at the World Economic Forum Annual Meeting in Davos, Switzerland, on Monday, Bermuda Premier David Burt, alongside representatives from Coinbase and Circle, revealed the details of this ambitious plan. The partnership is set to leverage the USDC stablecoin and Coinbase’s Base infrastructure to pioneer a new economic model for the Caribbean island nation.
Pilot Program Details
According to statements from the companies and Premier Burt, Bermuda government agencies will commence with a pilot program. This program is designed to explore several key areas of the digital economy. These include implementing stablecoin-based payments, enabling financial institutions to integrate tokenization tools, and engaging residents in nationwide digital literacy programs.
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,” stated Premier Burt, highlighting the core objectives of the partnership.
This developing story will be updated with further information as it becomes available.