Premier David Burt highlighted Bermuda’s approach to integrating cryptocurrencies into everyday commerce during his appearance at Consensus Miami 2026 on Wednesday. The island, located in the Atlantic, is broadening its ‘onchain economy’ project aimed at distributing stablecoins among residents, businesses, and merchants. This initiative was initially unveiled at the World Economic Forum in January with contributions from stablecoin provider Circle (CRCL) and exchange Coinbase (COIN).
Burt announced an upcoming airdrop of USDC stablecoins in conjunction with next week’s Bermuda Digital Finance Forum 2026, while also promoting merchant participation for digital payment acceptance. Residents will receive stablecoins via wallets and can utilize them with local vendors, according to Burt.
“The problem arises when vendors accept digital assets without having the means to use or spend those within their own economy,” explained Burt. The overarching objective in Bermuda is to develop a payment infrastructure independent of traditional card networks and banking systems, which often impose high transaction fees on small businesses while limiting access to financial apps prevalent in larger markets.
Paul Grewal, Coinbase’s Chief Legal Officer, who joined the discussion with Burt, noted that what distinguishes Bermuda’s strategy is the simultaneous collaboration between regulators and private companies. “The Bermuda model is compelling due to its parallel process,” Grewal remarked. “Government services are accessible via payment stablecoins while merchants and businesses are integrated into the system concurrently.”
Over recent years, Burt stated that Bermuda has crafted a digital asset framework through its Digital Asset Business Act. He characterized the island’s regulatory approach as iterative and industry-focused, with the Bermuda Monetary Authority engaging directly with firms on matters like staking, lending, and DeFi oversight.
“Regulating out failure is impossible,” Burt acknowledged. “However, it’s possible to establish conditions that encourage responsible innovation.”
Grewal contrasted this approach with the regulatory environment faced by crypto companies in the U.S. under former SEC Chair Gary Gensler, noting a positive shift during the Trump administration. “A new era has begun in the United States,” Grewal stated, citing a more cooperative tone from agencies under current SEC Chair Paul Atkins and CFTC Chair Michael Selig.
“While challenges remain, the dynamic is markedly different now,” he added.