Bermuda Partners with Coinbase and Circle for ‘Fully Onchain‘ Economy

The Government of Bermuda has announced a landmark initiative aimed at fully digitizing its national financial infrastructure, forging strategic partnerships with leading cryptocurrency firms Coinbase and and Circle. This collaboration positions the island nation as a pioneer in developing a truly ‘fully onchain’ economy.

Central to this ambitious transformation is the integration of regulatory compliant stablecoins, specifically Circle’s USD Coin (USDC), as the backbone for public and private sector transactions. The goal is to overhaul core economic functions—from government payments, taxation, and licensing to consumer commerce and cross-border trade settlements—by leveraging the transparency and efficiency of blockchain technology.

Coinbase will play a crucial role as an infrastructure and custody partner. The exchange will provide secure institutional custody solutions for digital assets held by Bermudian entities and will collaborate closely with the Bermuda Monetary Authority (BMA) to establish robust compliance and regulatory standards necessary for mass digital asset adoption. This focus on regulatory rigor is key, aligning the project with Bermuda’s existing reputation as a sophisticated and compliant financial hub.

Premier and Minister of Finance David Burt has indicated that this strategic move is designed to future-proof the nation’s economy, enhancing its competitiveness and efficiency on the global stage. By moving traditional financial activities onto decentralized rails and working directly with established, regulated entities like Coinbase and Circle, Bermuda aims to create a more accessible, transparent, and resilient economic ecosystem, setting a significant global precedent for national digital transformation.

Source: Bermuda partners with Coinbase and Circle for ‘fully onchain‘ economy