Bermuda will migrate key payment and financial services activities to the Stellar network.

CoinFeed reported on May 12th that, according to the official Stellar blog, the Stellar Development Foundation and the Bermuda government announced that Bermuda will migrate key payment and financial services activities to the Stellar network to advance its plan to build the world's first fully blockchain-based national economy. Local residents can receive wages, pay merchant and government fees, and hold and send digital assets through Stellar-based digital wallets. Bermuda government agencies plan to pilot stablecoin-based payments, allowing financial institutions to access tokenized tools, and the assets can also be used for government payments such as social welfare distribution. Officials stated that this move is expected to reduce current merchant transaction fees of 3%–5% or even 10%, improve payment efficiency, and strengthen digital financial infrastructure.