🔥 Key Takeaways
- Bermuda is expanding its digital-asset strategy by backing USDC payments with Circle and Coinbase’s Base.
- The country’s efforts are overseen by the 2018 Digital Asset Business Act, which has already seen over 40 firms enter licensing or sandboxes.
- A pilot program for a fully on-chain economy is scheduled to launch at the May 2026 Bermuda Digital Finance Forum.
Bermuda Bets on ‘Fully On-chain’ Economy in Coinbase, Circle Stablecoin Push
Bermuda is making significant strides in its digital-asset strategy, aiming to establish a fully on-chain economy with the support of major players in the cryptocurrency space. The island nation has partnered with Circle and Coinbase to facilitate USDC payments through Coinbase’s Base platform. This move is part of a broader initiative to create a robust and regulated digital finance ecosystem, overseen by the 2018 Digital Asset Business Act.
The 2018 Digital Asset Business Act has already seen substantial progress, with over 40 firms entering either the licensing process or regulatory sandboxes. These firms are diverse, ranging from fintech startups to established financial institutions, all aiming to leverage the advantages of blockchain and digital assets. The Act provides a clear and comprehensive framework for digital asset businesses, ensuring transparency, security, and compliance.
Bermuda’s commitment to a fully on-chain economy is not just a theoretical goal; it is being put into practice with a pilot program scheduled for the May 2026 Bermuda Digital Finance Forum. This event will serve as a platform to showcase the progress made and gather insights from industry leaders and experts. The pilot program is expected to demonstrate the practical applications and benefits of an on-chain economy, from increased efficiency in financial transactions to enhanced transparency and security.
Circle’s USDC stablecoin, which is pegged to the US dollar, plays a crucial role in Bermuda’s digital finance strategy. USDC offers a stable and reliable medium of exchange, which is essential for the widespread adoption of digital assets in everyday transactions. By integrating USDC with Coinbase’s Base, Bermuda is creating a seamless and user-friendly experience for businesses and consumers alike.
Coinbase’s Base, a secure and scalable infrastructure for building and using blockchain applications, further bolsters Bermuda’s digital finance ecosystem. Base provides the necessary tools and services to support the development and deployment of decentralized applications (dApps), smart contracts, and other blockchain-based solutions.
Bermuda’s proactive approach to digital finance is not only positioning the country as a leader in the blockchain and cryptocurrency space but also attracting investment and talent. The combination of a supportive regulatory environment and cutting-edge technology is creating a fertile ground for innovation and growth.
As Bermuda continues to push the boundaries of what is possible with digital assets, the world will be watching closely. The success of this initiative could serve as a model for other jurisdictions looking to embrace the potential of blockchain and create a more inclusive and efficient financial system.
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