Bermuda is partnering with Coinbase and Circle to create a fully onchain economy, aiming to integrate blockchain technology into everyday financial operations for the government, businesses, and consumers. The announcement was made at the World Economic Forum in Davos. This initiative will see the deployment of digital asset infrastructure, allowing for blockchain-based payments and financial tools to be utilized nationally. The partnership's goal is to overcome the high costs and restrictions associated with traditional payment methods, particularly for small and medium-sized businesses on the island. Discussions about this partnership began at the Bermuda Digital Finance Forum in May 2023, where Coinbase conducted an onchain USDC airdrop, giving each attendee 100 USDC to spend with local merchants. Following this event, more Bermudian businesses started accepting digital payments, and local banks began using stablecoins and tokenized finance solutions. The next forum, scheduled for May 2026, is expected to feature greater business involvement and increased consumer engagement. Coinbase also announced its Custom Stablecoins product, allowing businesses to create their own stablecoins backed by USDC and other dollar-pegged stablecoins without needing extensive infrastructure. The company claims stablecoins are integral to the onchain economy, having facilitated $9 trillion in transaction volume in 2025.