The Government of Bermuda aims to make Bermuda the world’s first fully on-chain national economy, announced at the World Economic Forum Annual Meeting 2026 in Davos. It is partnering with Coinbase and Circle to deliver the digital asset infrastructure needed for the transition. On-chain refers to activities recorded on a blockchain, a decentralized, immutable ledger used to record transactions across a network of computers. Government agencies will pilot stablecoin-based payments, with financial institutions integrating tokenisation tools and a nationwide digital literacy program to support an inclusive economy.
Stablecoins are cryptocurrencies designed to maintain a stable value by pegging their market value to an external reference, typically fiat currency, with USD Coin highlighted for fast, low-cost payments. The Bermuda Digital Finance Forum in 2025 supported the effort with a stablecoin airdrop to promote digital finance, and Coinbase and Circle will provide the infrastructure and tools to the government, local banks, insurers, small and medium-sized businesses, and consumers while supporting nationwide digital finance education and onboarding. The transition is expected to reduce costs and broaden access while keeping value circulating locally.
The announcement quoted Circle’s co-founder, Jeremy Allaire, and Coinbase’s chief executive, Brian Armstrong, praising blockchain innovation and open financial systems. A Bermuda government press release noted plans to update infrastructure to accept digital dollars for government dues and taxes. Bermuda is uploading public government data to Filecoin in collaboration with Internet Archive as part of the Democracy’s Library project, with Premier Burt saying the initiative strengthens transparent public services and trustworthy information, and employment and labour data are among the first datasets to be uploaded.
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