Hey, it’s Marc & the 51 team,

Every country has a central bank. Bermuda just chose Circle instead.

At Davos, Premier David Burt announced a partnership with Circle and Coinbase to build what he called “the world’s first fully on-chain national economy.” Tax payments. Merchant settlement. Government disbursements.

All on USDC, all on Coinbase’s Base network. It’s either the most pragmatic monetary decision of the decade — or the most reckless. Let’s unpack. [RELEASE]

Island nations live in the margin. Bermuda, with $780B in insurable risk, has no room for mediocrity. For 30 years, it survived via regulatory arbitrage, reinsurance dominance, captive insurance innovation, and then digital assets.

👉PRO: Download the PDF

Subscribe now

What happened

On January 19, 2026, the Government of Bermuda formally partnered with Circle and Coinbase to transition to a “fully on-chain national economy.” [RELEASE]