Bermuda Taps Coinbase To Go Onchain, Circle For Stablecoins

There it was revealed that Bermuda is taking its digital transformation seriously. It will be looking to onboard its domestic institutions onchain including banks, insurance providers, as well as a range of SMBs and enterprises. More details on implementation are set to be voted and revealed later in May at the Bermuda Digital Finance Forum.

Premier of Bermuda E. David Burt expressed:

“Bermuda has always believed that responsible innovation is best achieved through partnership between government, regulators, and industry. With the support of Circle and Coinbase, two of the world’s most trusted digital finance companies, we are accelerating our vision to enable digital finance at the national level. This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”

According to the Block this is not an exclusive agreement, meaning that there is opportunity to continue exploring other providers across the stablecoins and tokenisation space. However, sovereign regions of varying sizes are actively adopting stablecoins - in this case Circle's USDC stablecoin - for payouts, transfers and other benefits for domestic businesses and integral parts of the economy.