HAMILTON, Bermuda, Nov 11, CMC – The Bermuda government says the visit of Brian Armstrong, the co-founder and chief executive officer of Coinbase, was intended for him to have a first-hand view of the progress of island’s onchain economy initiative.
The visit earlier this week follows the government’s announcement at the World Economic Forum in Davos in January this year of its plan to make Bermuda the world’s first fully onchain national economy, with Coinbase and Circle as key partners.
A government statement said that Armstrong and members of the Coinbase executive team met local business owners who now accept USDC, a regulated digital dollar stablecoin issued by Circle Internet Group that is pegged 1:1 to the United States dollar.
“When we introduced Bermuda’s onchain economy vision in Davos, we said that its success would be measured by what it delivers for Bermudians. Today’s visit demonstrated how digital dollars are moving beyond discussion and into practice within our community. We are grateful for Coinbase’s partnership and look forward to building on this progress together,” Premier Burt said.
Armstrong also met with Premier Burt to discuss ways the government and Coinbase can continue their partnership in driving local adoption of digital finance and achieving the onchain economy vision.
To date, more than 60 local businesses and over 1,000 residents have been onboarded to Coinbase Wallets and USDC on Base through onboarding workshops and community activations delivered with local partners, including the Bermuda Economic Development Corporation (BEDC) and Penrose Partners.
Coinbase’s support, including community USDC airdrops at the Bermuda Digital Finance Forum, has put digital dollars directly into residents’ hands to spend with local vendors. More than $65,000 in USDC has moved through the programme so far.
The statement that building on the visit, the Burt administration and its partners plan further community activations at the Bermuda Digital Finance Forum in April 2027.
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