Bermuda has announced its ambition to become the world’s first fully onchain economy, collaborating with major players like Circle, Coinbase, and Stellar. The initiative includes the introduction of a sovereign digital dollar and the acceptance of digital assets for government fees, starting with the Department of Motor Vehicles. Craig Swan, CEO of the Bermuda Monetary Authority (BMA), emphasized the potential for economic growth and reduced transaction costs through blockchain technology. Recent pilot programs have successfully tested the use of stablecoins in real-world transactions, demonstrating the feasibility of a digital economy. The government is also updating laws related to property and contracts to facilitate the integration of smart contracts. With the Digital Asset Business Act (DABA), Bermuda aims to establish itself as a global center for tokenized assets and decentralized finance, leveraging its small population to implement swift regulatory changes. This strategic move positions Bermuda to bypass traditional banking inefficiencies, potentially transforming its economic landscape.