Stellar to Power Bermuda's Plan to Become World's First Fully Onchain Economy

Stellar wallets and the world's largest cash on and off-ramp network will support Bermuda's plan to become the first fully onchain national economy

HAMILTON, Bermuda, May 12, 2026 /PRNewswire/ -- Today, the Stellar Development Foundation and the Government of Bermuda announced that Bermuda will begin moving key payment and financial-services activity onchain onto the Stellar network. The announcement is the first operational milestone since Bermuda announced at the World Economic Forum in January 2026 that the Island plans to become the world's first fully onchain national economy.

The announcement builds on the regulatory foundation Bermuda established with the Digital Asset Business Act of 2018, one of the world's earliest comprehensive digital-asset regimes.

Local merchants currently pay 3–5% per transaction in card fees, with effective payment processing costs reaching as high as 10% in some categories. The use of digital assets and infrastructure is designed to keep more of that value on-island. Bermudian residents will be able to receive wages, pay local merchants, settle government fees, as well as hold, send, and receive digital assets, where available—all through digital wallets on the Stellar network. Stellar also has one of the world's largest cash on and off-ramp network for digital assets, bringing the power and accessibility of the network to the people of Bermuda.

Government agencies expect to pilot stablecoin-based payments, financial institutions will be able to integrate tokenization tools, and residents can participate in nationwide digital literacy programs, laying the foundation for a more inclusive, competitive, and resilient national economy. Assets may also be used for government payment systems related to social service disbursements.

"The lack of mobile money applications and reliance on legacy payments infrastructure has left Bermudians paying high payment processing fees and hindered additional economic growth opportunities," said The Hon. E. David Burt, JP, MP, Premier of Bermuda. "The use of digital dollars can change that, and the Stellar network's capacity to support public sector initiatives are what make it possible to deliver this responsibly and at the scale Bermuda requires."

Stellar is the only blockchain purpose-built for regulated financial services. Public, configurable, and global by design, Stellar pairs a permissionless network with the asset controls institutions require — settling payments in seconds at fractions of a U.S. cent. The network has supported sovereign and institutional deployments globally, including the Republic of the Marshall Islands' ENRA program, which in December 2025 delivered the world's first nationwide onchain disbursement of universal basic income via USDM1.

"Stellar was purpose-built to streamline and seamlessly connect the global financial system. It delivers sustained transaction volume, enterprise-grade reliability across financial applications at scale and is the network for regulated onchain assets," said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. "Bermuda has assembled what most jurisdictions cannot: regulatory clarity, an aligned ecosystem, and a government willing to lead. The Stellar Development Foundation is proud to work with Bermuda to help realize the vision of a fully onchain economy."

On Stellar, Bermuda's vision for a fully onchain economy is one where digital assets are not a parallel system for enthusiasts but the everyday financial infrastructure powering how Bermudian citizens, merchants, and government transact.

This press release contains forward-looking statements, including statements about Bermuda's plans to explore and pilot onchain payment and financial-services use cases, the expected or potential role of the Stellar network in supporting those initiatives, potential participation by government agencies, financial institutions, merchants, residents, and other third parties, and the possible use of digital assets or blockchain-based payment infrastructure for government payments, merchant payments, social-service disbursements, or other use cases. These statements are based on current expectations, assumptions, and plans and are subject to risks, uncertainties, approvals, implementation timelines, technical dependencies, operational requirements, market adoption, participant readiness, regulatory developments, and other factors that may cause actual results, timing, scope, or outcomes to differ materially. No statement in this press release should be construed as a guarantee, commitment, or assurance that any pilot, product, service, integration, payment capability, government program, or digital-asset use case will be launched, adopted, approved, or made available, or that any particular party will participate. The Stellar Development Foundation ("SDF") does not issue digital assets, custody user funds, process payments, operate or control the Stellar network, or control the actions, systems, products, services, or compliance obligations of any government agency, financial institution, merchant, wallet provider, custodian, issuer, or other third party. Nothing in this press release constitutes financial, investment, legal, tax, or other professional advice, or a recommendation, promotion, offer, or solicitation to buy, sell, hold, or transact in any digital asset. SDF undertakes no obligation to update any forward-looking statements, except as required by applicable law.

SOURCE Stellar Development Foundation