Bermuda Expands Stablecoin Adoption via USDC Distribution to Attract Crypto Industry and Regulators
Premier David Burt explained that Bermuda’s strategy for an «onchain economy» is designed to integrate stablecoins into daily commercial transactions.
Key points:
— Bermuda is scaling its on-chain economy program by distributing USDC stablecoins to residents and integrating local merchants to process digital transactions.
— Premier David Burt stated the objective is to develop payment systems independent of conventional card networks and banking channels to reduce expenses and enhance accessibility for small enterprises.
— Coinbase executive Paul Grewal commended Bermuda’s collaborative and adaptive regulatory framework as a benchmark that diverges from previous U.S. crypto oversight and reflects a more positive current environment.
Bermuda seeks to demonstrate how to transition cryptocurrency into routine commerce without disrupting the financial system, Premier David Burt noted during a panel at Consensus Miami 2026 on Wednesday.
Burt mentioned that the Atlantic island nation is growing its «onchain economy» program, which aims to provide stablecoins to residents, merchants, and local businesses. The initiative was initially revealed in January at the World Economic Forum alongside stablecoin creator Circle (CRCL) and exchange Coinbase (COIN).
The government intends to distribute more USDC stablecoins this year, coinciding with the upcoming Bermuda Digital Finance Forum 2026, while also recruiting merchants to accept digital payments. Participants will obtain stablecoins via wallets and can utilize them with local vendors, according to Burt.
«If you are a vendor and you’re accepting digital assets, but you do not have a way to use and spend those digital assets inside your economy, that presents a problem,» Burt said.
The wider objective for Bermuda is to create payment infrastructure outside traditional card networks and banking rails, he said, arguing that small businesses face high transaction fees and limited access to financial apps common in larger markets.
Coinbase Chief Legal Officer Paul Grewal, who joined Burt on stage, said Bermuda’s approach stands out because regulators and private firms are building in tandem instead of working separately.
«What’s most interesting about the Bermuda example is it is a parallel process,» Grewal said. «Government services can be accessed using payment stablecoins, while merchants and businesses are brought into the system at the same time.»
Bermuda, Burt said, has spent years building a digital asset framework through its Digital Asset Business Act. He described the island’s regulatory style as iterative and industry-facing, with the Bermuda Monetary Authority working directly with firms on issues such as staking, lending and DeFi supervision.
«You cannot regulate out failure,» Burt said. «But you can put in place the items which allow responsible innovation to happen.»
Grewal also contrasted Bermuda’s approach with the regulatory climate crypto firms faced in the U.S. over the past several years under former Securities and Exchange Commission (SEC) Chair Gary Gensler. That has changed for the better under the Trump administration, he argued.
«It is a new day here in the United States,» Grewal said, pointing to what he described as a more constructive tone from agencies under SEC Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig.
«We still have challenges, to be clear, but it’s a very different dynamic,» he said.