TLDR
- Bermuda will use Coinbase’s Base and Circle’s USDC to test stablecoin-based national payments.
- The pilot includes digital literacy programs and tokenization tools for financial institutions.
- The project follows Bermuda’s 2018 Digital Asset Business Act to attract crypto firms.
- Coinbase CEO Brian Armstrong plans to discuss stablecoin policy at WEF in Davos.
Bermuda has revealed plans to build a fully onchain economy through a new partnership with cryptocurrency exchange Coinbase and stablecoin issuer Circle. Premier David Burt announced the project during the World Economic Forum Annual Meeting in Davos, Switzerland, on Monday.
We’re working with @coinbase to support @BdaGovernment in their plans to build the world’s first fully onchain national economy.
We’re expanding access to @USDC, onchain infrastructure, and digital finance education at a national scale.https://t.co/PYFmy9fVYh pic.twitter.com/v3ccIzfn3f
— Circle (@circle) January 19, 2026
The project will use Circle’s USDC stablecoin and Coinbase’s Base network to digitize payments and services across the island nation. The partnership supports Bermuda’s aim to lower costs, create financial opportunities, and boost digital access for its residents.
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,” said Burt.
Pilot Program to Begin with Payments and Education
As part of the first phase, Bermuda’s government will launch a pilot program. It will test stablecoin-based payments and explore how financial institutions can use tokenization tools.
The pilot will also introduce digital literacy programs to help citizens use the new systems. This education effort is expected to make the population more comfortable with blockchain tools and digital assets.
Coinbase’s Role and CEO’s Focus at Davos
Coinbase CEO Brian Armstrong is attending the World Economic Forum and is using the opportunity to meet global leaders and finance executives. He is focused on promoting stablecoin adoption and discussing the US digital asset market structure bill.
Armstrong said that stablecoins like USDC offer benefits for both banks and crypto firms if they are treated equally under the law. He is also in talks with bank executives on how financial systems can adopt tokenized assets and modern payment infrastructure.
“Stablecoins should be an opportunity for both banks and crypto companies as long as we’re all treated on a level playing field,” Armstrong stated from Davos.
Although Coinbase recently withdrew support for the current draft of the market structure bill, Armstrong denied any conflict with U.S. government officials.
Regulatory Foundations in Bermuda
Bermuda has been working since 2018 to attract crypto companies by establishing a clear regulatory path. That year, the country passed the Digital Asset Business Act to offer a legal structure for digital asset firms.
The recent move builds on that effort. Many local businesses already accept digital payments, and a USDC airdrop was conducted during the Bermuda Digital Finance Forum in May 2025.
By joining forces with Coinbase and Circle, Bermuda is aiming to lead among small nations in adopting blockchain and stablecoins as part of their financial infrastructure.
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