Bermuda Teams Up with Coinbase and Circle to Pioneer a ‘Fully Onchain’ Economy

The Government of Bermuda has announced a groundbreaking strategic initiative aimed at establishing the world’s first ‘fully onchain’ national economy, cementing its reputation as a leading global digital finance jurisdiction. This ambitious project is built upon key partnerships with cryptocurrency industry heavyweights, Coinbase and Circle.

Bermuda has long been recognized for its clear and progressive regulatory environment, specifically through its Digital Asset Business Act (DABA) of 2018. This new endeavor represents the island nation’s commitment to leveraging decentralized technology to modernize public finance, enhance governmental transparency, and provide highly efficient services to its population and international businesses.

The collaboration defines distinct roles for the industry partners. Circle, the issuer of the USDC stablecoin, is expected to focus on building the necessary payment infrastructure, facilitating the widespread adoption of tokenized assets, and potentially advising on stablecoin use cases for government disbursements and treasury management. Coinbase, leveraging its institutional and developer services, will provide expertise in secure asset custody, market liquidity, and broader Web3 ecosystem integration, assisting Bermuda in the tokenization of public financial assets, government bonds, and official records.

The vision of a ‘fully onchain’ economy goes beyond simple blockchain adoption. It encompasses a fundamental shift towards integrating all facets of the economy—from public registries, taxation, and licensing, to supply chain management—onto secure, verifiable distributed ledgers. This infrastructure is designed to dramatically reduce administrative friction and costs while boosting efficiency.

By proactively working with established, regulated entities like Coinbase and Circle, Bermuda is establishing a significant regulatory and operational blueprint for other sovereign nations considering a foundational embrace of Web3 technologies, positioning itself at the vanguard of digital governance and finance.

Source: Bermuda teams up with Coinbase and Circle, aiming to build a ‘fully onchain’ economy