The government of Bermuda is planning to create a “fully onchain” national economy using digital asset infrastructure provided through partnerships with cryptocurrency exchange Coinbase and stablecoin issuer Circle.
In a Monday announcement from the World Economic Forum Annual Meeting in Davos, Switzerland, Bermuda Premier David Burt and representatives from Coinbase and Circle said the partnership would allow the Caribbean island nation to use the USDC (USDC) stablecoin and Coinbase’s Base infrastructure to develop a new model for the country’s economy.
Source: CoinbaseAccording to the companies and Burt, Bermuda government agencies will begin with a pilot program for “stablecoin-based payments, financial institutions integrating tokenization tools, and residents participating in nationwide digital literacy programs.”
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,” said Burt.
Related: Scammer impersonates Bermuda premier, promotes fake token
Bermuda’s government worked to attract crypto companies, including Coinbase and Circle, through the passage of a comprehensive regulatory framework, the Digital Asset Business Act, in 2018. According to the Monday notice, many local businesses already accept digital payments following a USDC airdrop at the Bermuda Digital Finance Forum in May 2025.
What’s happening with crypto at the World Economic Forum this week?
Many executives and crypto industry leaders will be in Switzerland this week as part of events surrounding the World Economic Forum (WEF).
Last year, US President Donald Trump virtually announced policy initiatives related to crypto and AI at the WEF, and US lawmakers discussed proposals to establish crypto reserves. Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire and many others will be in attendance in 2026.
According to Armstrong, Coinbase’s goals for the event include talking to world leaders on “how crypto can update their financial systems” and push for tokenization to “democratize access to capital markets.”
The Coinbase CEO added that he would be discussing the digital asset market structure bill under consideration in the US Senate at WEF with bank executives, specifically on how to handle stablecoins. Interest in stablecoins, coupled with concerns over tokenized equities and decentralized finance, have been some of the biggest issues dividing lawmakers and industry and banking leaders on the bill.
“Stablecoins should be an opportunity for both banks and crypto companies as long as we’re all treated on a level playing field,” Armstrong said from Davos on Monday.
Coinbase pulled its support for the market structure bill last week, with Armstrong saying the exchange could not support the legislation “as written.” Although Armstrong’s position likely led to a markup on the bill beind delayed indefinitely, the CEO on Saturday denied reports that there was animosity between White House officials and the company.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Source: https://cointelegraph.com/news/bermuda-coinbase-circle-onchain-economy?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
