Government Pilots Stablecoin Payments Nationwide
Bermuda announced a national plan to build a fully onchain economy with Coinbase and Circle. The initiative was unveiled at the World Economic Forum in Davos, Switzerland. The government aims to deploy blockchain payments, stablecoins, and digital finance tools across public agencies, businesses, and consumers to reduce costs and expand financial access.
The initiative will begin with stablecoin payment pilots across government agencies. These pilots will focus on using Circle’s USDC for fast, dollar-denominated transactions.
Notably, officials said stablecoin payments already operate in parts of the local market. Premier E. David Burt said the program targets lower transaction costs and broader financial participation.
He added that traditional payment rails often raise fees for island economies. As a result, the government views digital assets as everyday financial infrastructure. The initiative does not mandate adoption for residents or businesses.
Coinbase and Circle will provide technical infrastructure and onboarding support. They will also assist local banks, insurers, and small businesses. In addition, the partners will deliver nationwide digital finance education programs.
Regulation and Earlier Digital Finance Efforts
The plan builds on Bermuda’s early regulatory framework for digital assets. In 2018, the country enacted the Digital Asset Business Act. This framework made Bermuda one of the first jurisdictions with comprehensive digital asset regulation. Coinbase and Circle were among the first firms licensed under the regime.
Momentum increased during the Bermuda Digital Finance Forum 2025. At the event, the partners executed an onchain USDC airdrop. Each attendee received 100 USDC to spend with onboarded local merchants. Since then, more Bermudian businesses have accepted digital payments.
Local financial institutions have also expanded their use of stablecoins and tokenized finance. According to the announcement, these efforts will continue through further onboarding.
Expansion Through Future Industry Engagements
The government said the initiative will scale during the Bermuda Digital Finance Forum 2026. The event is scheduled for May 11 to May 14. It will include broader business participation and a larger consumer stimulus.
Circle CEO Jeremy Allaire said the partnership supports responsible blockchain innovation. Coinbase CEO Brian Armstrong said Bermuda’s approach combines clear rules with public and private collaboration. The government confirmed the partnership remains non-exclusive and open to other technologies.