Bermuda aims to set an example of how to integrate crypto into everyday commerce without breaking the financial system, Premier David Burt said on stage at Consensus Miami 2026 on Wednesday.
Burt said the small Atlantic island is expanding its “on-chain economy” initiative, an initiative aimed at putting stablecoins in the hands of local residents, merchants and businesses. The project was first announced in January at the World Economic Forum, along with stablecoin issuer Circle (CRCL) and exchange Coinbase (COIN).
The government is planning another USDC stablecoin airdrop this year, tied to next week’s Bermuda Digital Finance Forum 2026, while also onboarding merchants that can accept digital payments. Participants will receive stablecoins through wallets and can spend them with local sellers, Burt said.
“If you are a provider and you accept digital assets, but you have no way to use and spend those digital assets within your economy, that presents a problem,” Burt said.
Bermuda’s broader goal is to build payments infrastructure outside of traditional card networks and banking channels, he said, arguing that small businesses face high transaction fees and limited access to financial applications common in larger markets.
Paul Grewal, Coinbase’s chief legal officer, who joined Burt on stage, said Bermuda’s approach stands out because regulators and private companies work in tandem instead of working separately.
“What’s most interesting about the Bermuda example is that it’s a parallel process,” Grewal said. “Government services are accessed using stable payment coins, while merchants and businesses are simultaneously integrated into the system.”
Bermuda, Burt said, has spent years developing a framework for digital assets through its Digital Asset Business Act. He described the island’s regulatory style as iterative and industry-oriented, with the Bermuda Monetary Authority working directly with businesses on issues such as staking, lending and DeFi supervision.
“You can’t regulate failure,” Burt said. “But you can put in place the elements that enable responsible innovation.”
Grewal also compared Bermuda’s approach to the regulatory climate that crypto companies have faced in the United States in recent years under former Securities and Exchange Commission (SEC) Chairman Gary Gensler. That changed for the better under the Trump administration, he argued.
“It’s a new day here in the United States,” Grewal said, highlighting what he described as a more constructive tone from agencies led by SEC Chairman Paul Atkins and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig.
“We still have challenges, to be clear, but it’s a very different dynamic,” he said.
