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Bermuda Partners with Coinbase and Circle to Develop Fully Onchain Economy

Bermuda Partners with Coinbase and Circle to Develop Fully Onchain Economy

Bermuda aims to build a blockchain-based national economy with assistance from Circle and Coinbase, offering infrastructure, tools, and digital finance education to sectors nationwide.

USDC

Fact Check
The assessment is based on strong, consistent evidence from high-authority sources. The official Government of Bermuda website and a reputable local Bermudian news outlet both explicitly state that the Premier of Bermuda is engaging with key players, specifically naming both Coinbase and Circle. This engagement is in the context of advancing Bermuda's role as a global digital asset hub and fostering innovation. This directly supports the core of the statement regarding a relationship or partnership with both companies for a related economic purpose.While the exact phrase "fully onchain economy" is not used in the highest-authority sources, the stated goal of becoming a "digital asset hub" is a very close and functionally equivalent concept. Furthermore, a highly relevant (though low-authority) social media post directly quotes the Premier discussing a government commitment involving Circle, which further corroborates that part of the claim.There is no contradictory evidence. The other provided sources are irrelevant, discussing general crypto markets, crime, or mentioning the keywords coincidentally without establishing any connection. The convergence of evidence from the most credible sources makes the statement highly probable.
Summary

Bermuda’s government announced on Jan. 20 its plan to become a fully blockchain-based national economy, in collaboration with Circle and Coinbase. The partnership will provide digital asset infrastructure and enterprise-grade tools to government agencies, banks, insurers, SMEs, and consumers. It will also include nationwide digital financial education and technology onboarding. This initiative expands on Bermuda’s 2018 digital asset regulatory framework, positioning the country to integrate blockchain into both public and private sectors.

Terms & Concepts
  • Onchain Economy: An economic system where transactions, contracts, and assets are recorded and executed entirely on a blockchain.
  • USDC: USD Coin, a U.S. dollar-pegged stablecoin issued by Circle, designed for digital payments and blockchain transactions.
  • Tokenization: The process of converting rights to an asset into a digital token on a blockchain, enabling faster and more efficient transactions.