The Bermuda government is migrating its payment system to the Stellar blockchain.

Techub News, according to crypto.news, the Bermuda government has announced that it will move payment infrastructure to the Stellar blockchain and pilot USDC payments in collaboration with Circle and Coinbase, with plans to build a fully on-chain national economy. The plan was unveiled at the World Economic Forum's annual meeting in Davos. The country's prime minister recently discussed the stablecoin framework with U.S. officials at the Washington D.C. Blockchain Summit. The 2018 Digital Asset Business Act provides the regulatory foundation for this transition, and the government stated that a chain-based economy will reduce transaction costs and improve global financial accessibility.