Trending Now - Bermuda Embraces Stellar Blockchain for Financial Services Shift

WHO:

NewsBTC - The Stellar Development Foundation (SDF) and the Government of Bermuda are involved in the partnership.

Cointelegraph - David Burt is the Premier of Bermuda.

WHAT:

NewsBTC - Bermuda will begin moving key payment and financial services activity onto the Stellar network.

NewsBTC - Bermudian residents will be able to receive wages, pay local merchants, settle government fees, and hold, send, and receive digital assets through digital wallets on the Stellar network.

NewsBTC - Government agencies in Bermuda expect to pilot stablecoin-based payments.

NewsBTC - Local merchants currently pay between 3% and 5% per transaction in card processing fees, with effective costs reaching as high as 10% in some categories.

NewsBTC - The Republic of the Marshall Islands completed the world’s first nationwide onchain disbursement of universal basic income via USDM1 on the Stellar network in December 2025.

WHERE:

NewsBTC - The initiative is taking place in Bermuda.

WHEN:

NewsBTC - The ambition to become the world’s first fully on-chain national economy was declared at the World Economic Forum in January 2026.

NewsBTC - The announcement marks the beginning of a live deployment.

WHY:

NewsBTC - The move aims to address high transaction costs for local merchants and the absence of mobile money infrastructure in Bermuda.

NewsBTC - Premier David Burt noted that digital dollars and Stellar’s infrastructure can deliver systemic change responsibly and at the scale required by Bermuda.

HOW:

NewsBTC - The Stellar network is purpose-built for regulated financial services, allowing for public and permissionless transactions with asset controls.

NewsBTC - Transactions on the Stellar network settle in seconds at fractions of a US cent.

(UPDATED May 13, 2026 13:44 UTC)

The Stellar Development Foundation has partnered with the Government of Bermuda to transition key payment and financial services onto the Stellar network, allowing residents to receive wages, pay local merchants, and manage digital assets through digital wallets. Premier David Burt highlighted that this initiative aims to reduce high transaction costs for local merchants and improve the absence of mobile money infrastructure in Bermuda, with plans for government agencies to pilot stablecoin-based payments. This effort follows the Republic of the Marshall Islands' successful onchain disbursement of universal basic income in December 2025, and it marks Bermuda's ambition to become the world’s first fully on-chain national economy, as declared at the World Economic Forum in January 2026.