Bermuda to transition ‘key’ financial services to Stellar blockchain

Source: Stellar Stellar is primarily classified as a Layer 1 blockchain. It is designed to facilitate fast and low-cost transactions across various currencies and assets. It powers cross-border payments, fiat on and off ramps, and stablecoin issuance for financial institutions, fintechs, and exchanges around the world. Burt announced at the World Economic Forum in Davos, Switzerland in January that the government had partnered with Circle and Coinbase. The island nation has been attempting to establish itself as a jurisdiction friendly to crypto companies since passing its Digital Asset Business Act in 2018. Related: DerivaDEX debuts Bermuda-licensed derivatives DEX “This is not the government, this is the private sector leading, working in concert with the government of Bermuda to go ahead and support this ecosystem,” said Burt. David Burt speaking at Bermuda Digital Finance Forum on Tuesday. Source: SALT With a gross domestic product of about $9 billion as of 2024, Bermuda remains one of the smaller economies globally, turning to implementing policies favorable to digital asset companies. Some companies have likewise followed in expanding adoption through payments and merchants in other countries. Cryptocurrency exchange Bybit announced in April that it had expanded its services to South Africa by allowing users to pay merchants with digital assets. Magazine: Guide to the top and emerging global crypto hubs: Mid-2026 More on the subject