Bermuda’s financial activities migrate to the Stellar network, aiming to become a fully on-chain national economy

According to CoinTelegraph, Bermuda’s Prime Minister David Burt announced at the Bermuda Digital Finance Forum on Tuesday that the Bermuda government plans to move some payment and financial services activities to the Stellar network as part of its plan to become a “fully on-chain national economy.” The government also announced that, after completing a risk assessment, it will be able to accept and invest in digital assets.

Stellar Migration Plan: What’s Driving High Payment Processing Fees

According to CoinTelegraph, Burt said at the forum: “Because there is a lack of mobile payment applications, and we rely on traditional payment infrastructure, Bermudians have to pay high payment processing fees, which is preventing further opportunities for economic growth.” He said that adopting digital dollars and the public-sector support capabilities of the Stellar network could help Bermuda address the above issues “in a responsible manner and at the required scale.”

Burt also said: “This is not the government’s action, but the leadership of the private sector. They are working together with the Bermuda government to jointly drive forward and support the development of this ecosystem.”

Background on Bermuda’s Digital Asset Policy

According to CoinTelegraph, since Bermuda passed the Digital Asset Business Act in 2018, it has been working to position itself as a crypto-friendly jurisdiction. Bermuda’s GDP is about $9 billion (as of 2024). The report said Burt previously announced in January 2026 at the World Economic Forum (WEF) in Davos that the Bermuda government had relevant cooperation with Circle and Coinbase.

Frequently Asked Questions

When and where did Bermuda Prime Minister David Burt announce the Stellar financial migration plan?

According to CoinTelegraph’s May 13, 2026 report, on Tuesday David Burt announced at the Bermuda Digital Finance Forum that the government plans to move some payment and financial services activities to the Stellar network, aiming to become a “fully on-chain national economy.”

What are the main drivers behind Bermuda’s decision to migrate to the Stellar network?

According to CoinTelegraph, Burt said at the forum that due to the lack of mobile payment applications and reliance on traditional payment infrastructure, Bermudians face high payment processing costs; adopting the Stellar network and digital dollars can solve this issue in a responsible way at the required scale.

What is the key legislative background for Bermuda in the digital asset space?

According to CoinTelegraph, Bermuda passed the Digital Asset Business Act in 2018 and has long provided a regulatory framework that is friendly to crypto companies; Burt also announced cooperation with Circle and Coinbase at the Davos WEF in January 2026.