Bermuda plans to transition its entire economy on-chain with help from Coinbase and Circle. Announced at the World Economic Forum, the initiative aims to create the first fully on-chain national economy. The focus starts with government stablecoin pilots and tokenization efforts, targeting lower financial transaction costs and improved global access for its 73,000 residents. Currently, Bermuda's economy relies heavily on tourism and construction, with a projected GDP of around $6.8 billion for 2024. The collaboration includes Coinbase and Circle providing digital asset infrastructure for government agencies, banks, and consumers. Initial steps involve pilot programs for stablecoin payments and the use of tokenization tools by financial institutions. To support this transition, there will also be digital literacy initiatives aimed at educating the public about crypto. Bermuda's Premier E. David Burt emphasized the importance of partnerships between government and industry to foster responsible innovation. Coinbase has had a presence in Bermuda since receiving a license from the Bermuda Monetary Authority in 2023. The partnership with Circle dates back to 2019, when the nation began allowing tax payments in USDC. Bermuda has been proactive in cryptocurrency regulation, signing the Digital Asset Business Act in 2018. This move positions Bermuda as a pioneer in the digital finance space, aiming to empower local businesses and individuals through an open financial system.