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Bermuda pushes stablecoin payments with USDC airdrop as it courts crypto firms, regulators
Premier David Burt said Bermuda’s “onchain economy” plan aims to bring stablecoins into everyday commerce.
May 6, 2026, 5:16 p.m. 2 min read
What to know:
- Bermuda is expanding its on-chain economy initiative by distributing USDC stablecoins to residents and onboarding local merchants to accept digital payments.
- Premier David Burt said the goal is to build payment infrastructure outside traditional card networks and banking rails to lower costs and improve access for small businesses.
- Coinbase executive Paul Grewal praised Bermuda’s iterative, collaborative regulatory approach as a model that contrasts with past U.S. crypto oversight and aligns with what he described as a more constructive current climate.
The government plans another airdrop of USDC stablecoin 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 vendors, Burt said.
“If you are a vendor and you’re accepting digital assets, but you do not have a way to use and spend those digital assets inside your economy, that presents a problem,” Burt said.
The broader goal for Bermuda is to build payment infrastructure outside traditional card networks and banking rails, he said, arguing that small businesses face high transaction fees and limited access to financial apps common in larger markets.
