The Bermuda government is moving to shift the country to a nationwide “onchain economy”. The plan unveiled at the World Economic Forum (WEF) annual meeting in Davos centres on integrating blockchain technology across government, finance and consumers.

According to The Block, U.S. crypto exchange Coinbase and stablecoin issuer Circle are participating as partners, providing digital asset infrastructure and enterprise tools.

The companies will spread the technology across government agencies as well as local banks, insurers, small and medium-sized businesses and ordinary consumers. They will also roll out nationwide digital finance education and onboarding. Talks on cooperation began at the “Bermuda Digital Finance Forum 2025” held last year, and an onchain proof-of-concept was also conducted, with 100 USDC distributed directly to participants at the time.

The Bermuda government assessed that existing payment infrastructure is inefficient and carries high fees, and that commercial constraints are significant due to the geographic characteristics of an island nation. It plans to expand fast, low-cost dollar payments based on the USDC stablecoin to reduce burdens on merchants and consumers. USDC payments are already in operation at some local stores and the number of participating companies is increasing, The Block reported.

The plan is based on Bermuda’s Digital Asset Business Act introduced in 2018, the first in the world at the time. Circle and Coinbase were the first global companies to obtain licences under the regulation, and Coinbase currently operates Bermuda-based derivatives trading.

At the “Bermuda Digital Finance Forum 2026” to be held in May, consumer rewards and corporate participation are set to expand significantly. The Bermuda government plans to lay the groundwork for a national transition by piloting stablecoin payments at public institutions and running digital education programmes for the public.