Bermuda's Ambitious Move Towards a Fully On-Chain Economy with USDC

Bermuda is working towards becoming the first nation to operate a fully on-chain economy using USDC stablecoins to modernize its payment systems across government and businesses. According to NS3.AI, the initiative is currently in its early pilot stages, with a focus on reducing costs and modernizing infrastructure rather than achieving full adoption or mandating blockchain payments. While the project promises potential savings for merchants and sees growing institutional stablecoin settlements, such as those by Visa, the widespread consumer use and integration of these systems remain limited. This highlights a significant gap between the ambitious goals and the current reality.