Bermuda promotes USDC payments and supports merchants in accepting digital payments

Bermuda is expanding its on-chain economy initiative by distributing USDC stablecoins to residents and supporting local merchants in accepting digital payments. Prime Minister David Burt stated that this move aims to build a payment infrastructure independent of traditional card networks and banking systems, in order to reduce costs and improve payment channels for small businesses. An exchange executive, Paul Grewal, praised Bermuda's regulatory approach as iterative and collaborative, contrasting with previous crypto regulation in the United States.