Coinbase Partners with Bermuda to Pioneer World’s First Fully On-Chain National Economy

Bermuda has announced a groundbreaking initiative to become the world's first fully on-chain national economy, with strategic backing from cryptocurrency giants Coinbase and Circle. The ambitious plan was unveiled at the World Economic Forum in Davos, signaling a major leap in national-level blockchain adoption. This transformative project aims to integrate blockchain-based payments, tokenization, and digital infrastructure across Bermuda's entire economic ecosystem. The partnership represents a significant milestone in cryptocurrency's journey toward mainstream institutional and governmental acceptance, positioning Bermuda as a global leader in digital economy innovation. Coinbase's involvement underscores the exchange's expanding role beyond traditional trading platforms into national digital infrastructure development. This collaboration between a sovereign nation and leading crypto companies demonstrates the growing convergence between traditional finance and decentralized technologies, potentially creating a blueprint for other nations considering similar transitions. The initiative is expected to leverage Circle's USD Coin (USDC) for stable transactions while utilizing Coinbase's institutional expertise for implementation. As of 2026, this development represents one of the most comprehensive government-led blockchain adoption efforts worldwide, with implications for regulatory frameworks, financial inclusion, and technological sovereignty. The Bermuda model could accelerate global cryptocurrency adoption by demonstrating practical applications of blockchain technology at a national scale.

Bermuda Aims to Become First Fully On-Chain National Economy with Coinbase and Circle Backing

Bermuda has unveiled an ambitious plan to transition its entire economy onto blockchain technology, positioning itself as the first jurisdiction globally to undertake such a transformation. The announcement was made at the World Economic Forum in Davos, with strategic support from crypto heavyweights Coinbase and Circle.

The initiative will integrate blockchain-based payments, tokenization, and digital financial infrastructure across both public and private sectors. Coinbase and Circle will provide crypto tools to Bermudian institutions, including local banks and SMEs, alongside nationwide education programs to drive adoption.

Key objectives include implementing USDC stablecoin payments at merchants and encouraging financial institutions to adopt tokenization technologies. The MOVE aims to reduce payment costs and improve economic efficiency amid global financial challenges.

Bermuda Pilots USDC as National Payment Rail in Bid to Modernize Economy

Bermuda's government has partnered with Circle and Coinbase to trial USDC as the backbone of its financial infrastructure. The initiative aims to replace costly legacy payment systems with dollar-denominated blockchain settlements, though the scope remains limited to pilot programs rather than a full-scale overhaul.

While marketed as a move toward a 'fully on-chain economy,' the reality is more pragmatic: a controlled experiment in a jurisdiction where high transaction fees make stablecoins an attractive alternative. The project carefully avoids mandating blockchain usage, instead testing whether digital dollars can seamlessly integrate with existing consumer behavior.

This effort highlights the quiet infrastructure work required to make on-chain finance operational—a far cry from the hyperbolic claims often surrounding national crypto adoption. Bermuda's small, dollar-pegged economy provides an ideal testbed with minimal systemic risk.