Based on the latest report by Circle, Bermuda became the first government to accept payments for taxes, fees and other government services using stablecoin, USD Coin (USDC). The acceptance of USD-backed cryptocurrency is a result of Bermuda’s efforts into supporting the use of USD-dollar backed stablecoins and decentralized finance protocols and services. The announcement highlighted,
“Governments everywhere will need to respond to this fundamental innovation, and this initiative from Bermuda builds on their broader leadership around crypto and digital asset policy and regulatory issues.”
Moreover, Circle was also the first company in the world to receive a Class F license under their highly progressive Digital Assets Business Act. As the licence provided Circle permission to operate a payment system built on USDC, the company claims this as major contributing factor towards powering Bermuda’s broad range of financial services built entirely on crypto and digital assets.
As an important note to the crypto investors, Circle also highlighted,
“In one year, USDC has established itself as the second most popular stablecoin in the world, earned support from more than 100 companies across the global crypto ecosystem, and reached $1 billion in issuance.”