PANews reported on May 7th, citing CoinDesk, that Bermuda Prime Minister David Burt stated at the Consensus conference that Bermuda is advancing its "on-chain economy" initiative, introducing stablecoins into daily commerce by airdropping USDC stablecoins to residents and encouraging local merchants to accept digital payments. This plan was first announced at the Davos Forum in January, with partners including Circle and Coinbase. The government plans to conduct another round of USDC airdrops during the upcoming Bermuda Digital Finance Forum, where participants will receive stablecoins in their wallets and use them at local merchants.

Burt stated that Bermuda's goal is to build payment infrastructure outside of traditional card networks and banking payment systems, reducing the high transaction fees faced by small businesses. Bermuda has previously established a digital asset framework through the Digital Assets Business Act. Coinbase Chief Legal Officer Grewal praised Bermuda's approach of building alongside private companies, noting that while the US regulatory tone has shifted towards a more constructive stance, the Bermuda model still offers valuable lessons.