Bermuda is once again leaning into the digital asset world, pushing its long-running experiment with crypto even further.
The island’s government is now laying plans for what it calls a “fully onchain” national economy — one that runs on blockchain rails rather than traditional financial plumbing.
This move builds directly on Bermuda’s earlier efforts to court crypto firms, including its controversial decision in 2018 to fast-track the industry without a heavy regulatory framework.
A Davos Reveal With Global Heavyweights
The announcement was unveiled Monday at the World Economic Forum’s annual gathering in Davos, Switzerland, giving the plan an unmistakably global stage.
Bermuda Premier David Burt appeared alongside executives from Coinbase and Circle, confirming that the government will partner with the crypto exchange and the stablecoin issuer to power this next phase.
At the heart of the plan are USDC, Circle’s dollar-pegged stablecoin, and Coinbase’s Base blockchain infrastructure.
What a ‘Fully Onchain’ Economy Looks Like
According to those involved, the idea isn’t just theoretical.
Bermuda plans to roll things out step by step, starting with a pilot program that touches everyday financial activity.
Government agencies will test stablecoin-based payments, financial institutions will begin weaving tokenization tools into their services, and residents will be offered nationwide digital literacy programs to help them understand and use the new technology.
The Promise for Everyday Bermudians
Premier Burt framed the initiative as a practical effort, not a flashy tech stunt.
He said the goal is to open up new economic opportunities, cut costs, and make sure locals are not left behind as finance evolves.
In his words, the project is about ensuring Bermudians “benefit from the future of finance,” rather than watching it pass them by.
Why Bermuda Keeps Betting on Crypto
This latest move fits neatly into Bermuda’s broader strategy.
Over the past several years, the island has positioned itself as a crypto-friendly jurisdiction, actively attracting blockchain firms and digital asset businesses.
Partnering with established players like Coinbase and Circle signals that Bermuda wants to move beyond experimentation and toward real-world implementation at a national level.
Still Early Days, With More to Come
While the announcement outlines an ambitious vision, many details are still emerging.
The government and its partners have made it clear this is just the beginning, and more information is expected as the pilot programs take shape.
For now, Bermuda has once again put itself at the center of the global conversation about how blockchain and stablecoins could reshape an entire economy.
What’s Next?
As the pilot programs roll out and more specifics become public, attention will turn to how smoothly this onchain experiment works in practice — and whether other nations decide to follow Bermuda’s lead.
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