Bermuda is taking its crypto-friendly posture further. Premier David Burt announced Tuesday that the island nation will shift "key" financial services onto the Stellar blockchain. It will also start accepting and investing in digital assets and on-chain financial services.
What the plan entails
Burt outlined the initiatives during a public address Tuesday. The government plans to transition core financial operations to Stellar, a public blockchain. Exactly which services will move first — and how fast — wasn't detailed. Burt framed the shift as part of a broader effort to bring Bermuda closer to the crypto industry, not just as a regulatory haven but as an active participant.
Stellar gets the nod
The choice of Stellar signals a focus on speed and low-cost transactions, though the government didn't elaborate on why that network over others. Stellar is already used for cross-border payments and tokenization by several financial institutions. Bermuda's decision to anchor key services on it gives the blockchain a notable government endorsement.
Digital asset acceptance and investment
Burt said Bermuda will accept digital assets as a form of payment and invest directly in them. The government didn't specify which assets or how large an allocation it plans. The move makes Bermuda one of the few governments to hold crypto on its balance sheet — a step beyond simply regulating the space. It also opens the door for on-chain financial services to operate within the island's economy.
Burt didn't provide a timeline for the transition or say which services would migrate first. The announcement leaves open questions about implementation and risk management. For now, Bermuda's bet is clear: it wants to be a jurisdiction that doesn't just host crypto but uses it.
