Bermuda government backs stablecoin ‘airdrops’ during fintech event

Bermuda’s government has backed an event featuring an stablecoin ‘airdrop’ as part of a push to promote digital finance.

Stablecoins are cryptocurrencies designed to maintain a stable value by having their market value pegged to an external reference, typically fiat currency. An airdrop refers to the free distribution of tokens or coins to multiple digital wallet addresses, typically used as a promotional tactic to boost awareness and encourage adoption of a new initiative.

The ‘Bermuda Digital Finance Forum’ was held from 6-9 May with aims including to ‘drive mass adoption of digital finance solutions’ and ‘facilitate focused dialogues around digital transformation.’

Government support included providing ‘more than 150’ free tickets for the event’s Community Day. During the day, ticket-holders who downloaded a digital wallet supplied by US-headquartered cryptocurrency exchange Coinbase (a ‘Coinbase Wallet’) were airdropped $100 (US$100/about £73) of USDC issued by US-headquartered peer-to-peer crypto payments company Circle that could be spent at local businesses – for example, food, drink and merchandise retailers – in the event’s ‘Vendor Village’ (USDC is a stablecoin pegged to the US dollar).

“We want Bermudians to be part of this growing industry,” said Bermuda premier David Burt in a government press release in the run-up. “The Ministry of Finance aims to make digital finance more accessible, and these sponsored tickets will help encourage Bermudians to get involved. By giving all attendees digital dollars, the event organisers are offering a chance for Bermudians to experience what the future of money looks like.” 

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Bermuda as a ‘live testbed’

‘The goal of the Community Day is to demonstrate how digital finance can empower Bermudians and small businesses with cheaper and faster payment options,’ the government stated in its press release, adding that ‘the Government of Bermuda, conference organisers and participating sponsors are committed to making digital finance inclusive for all and ensuring that Bermudians are equipped to benefit from this growing sector.’

The Community Day was ‘open to residents interested in learning about or exploring a career in the digital finance sector’, the government explained, adding that while a technical background was not required, ‘applicants should, however, possess a willingness to learn, explore new career opportunities, and actively engage with leaders in Bermuda’s expanding digital asset sector.’

Digital assets consultancy Penrose Partners was among the companies involved in organising the event. In its own press release, the company described the airdrop as ‘one of the world’s first fully compliant stablecoin airdrops to local residents’ and a ‘landmark activation’ that ‘advanced the adoption of digital finance and on-chain innovation’ (on-chain meaning ‘on blockchain’ – the technology that underpins cryptocurrencies).

Penrose Partners said that Coinbase and Circle, as event sponsors, had ‘helped onboard 250 Bermudians’ during the Community Day.  

Local vendors were able to accept USDC ‘via QR [quick response] codes linked to their [own] Coinbase Wallets,’ the release explained.

‘The initiative showcased Bermuda as a live testbed for inclusive, secure and accessible digital finance, demonstrating how stablecoins can integrate into everyday commerce,’ the company said.

RELATED ARTICLE(S) Bermuda Monetary Authority chief fintech officer Moad Fahmi spoke at Global Government Fintech Lab 2024 and 2023 panel sessions (click the links for our session reports)

Public systems use planned

Burt took part in a fireside chat with Circle president Heath Tarbert during the event.

“The current state of digital finance in Bermuda is growing and blossoming, and we have a huge opportunity in this sector. Through events like this, the partnerships have onboarded our residents and local businesses into digital wallets so that they can accept and transact in digital dollars,” Burt said, according to a government press release published during the event (7 May).

The press release also records Burt as saying that the government is working to adopt this financial technology within public-sector systems.

“In government, we are updating our infrastructure to accept these digital dollars as payments for government dues and taxes,” he said.

Burt also noted that the Economic Development Department, in partnership with the Bermuda Economic Development Corporation (BEDC), has been running annual fintech training programmes to build local capacity.

“These programmes ensure that not only our students but also our working professionals in the industry are equipped with what they need to evolve and take on new digital finance opportunities coming to Bermuda,” he said.

Growing digital assets ecosystem

Bermuda is a British island territory in the North Atlantic with a population of about 64,000 people.

The stablecoin airdrop gained further airtime one week later during a fireside chat at a cryptoaassets conference, ‘Consensus 2025’, held in the Canadian city of Toronto.

This session saw Burt speaking to John Darsie, a partner at US-headquartered asset management firm SkyBridge Capital, about the Bermuda Digital Finance Forum and government authorities’ strategies to support innovative financial technology companies.

Eight digital asset business licences were issued in Bermuda during 2024, bringing the total number of licensed entities on Bermuda’s register to 53 (comprising 39 digital asset companies and 14 innovative insurer general businesses), according a government press release about Burt’s Consensus 2025 appearance.

“It is our hope that this growing momentum encourages other digital finance businesses to consider Bermuda as their jurisdiction of choice, where our advanced regulations provide a foundation for business growth,” Burt said.