The government of Bermuda has announced plans to develop a fully onchain national economy through partnerships with cryptocurrency exchange Coinbase and stablecoin issuer Circle.
The initiative was unveiled on Monday at the World Economic Forum Annual Meeting in Davos, Switzerland, by Bermuda Premier David Burt alongside representatives from both companies.
The partnership will use Circle’s USDC stablecoin and Coinbase’s Base infrastructure to modernise payments and financial services across the island nation.
Bermuda government agencies are expected to begin with pilot programmes covering stablecoin-based payments, tokenisation tools for financial institutions and nationwide digital literacy efforts.
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,”
David Burt said.
Bermuda has positioned itself as a crypto-friendly jurisdiction since passing the Digital Asset Business Act in 2018 to attract digital asset companies.
Officials said many local businesses already accept digital payments following a USDC airdrop at the Bermuda Digital Finance Forum in May 2025.
The announcement comes as global policymakers and crypto executives gather in Switzerland for discussions around digital assets and financial innovation.
Coinbase chief executive Brian Armstrong said the company would use the event to engage world leaders on updating financial systems through crypto and tokenisation.
Armstrong also confirmed plans to discuss a proposed US digital asset market structure bill with banking executives, focusing on the regulation of stablecoins.
“Stablecoins should be an opportunity for both banks and crypto companies as long as we’re all treated on a level playing field,”
Brian Armstrong said.
Coinbase recently withdrew its support for the bill, with Armstrong stating the company could not back the legislation in its current form.