In Bermuda, they were allowed to pay taxes and government fees in the stablecoin USDC. This is the first time in history.
The UK overseas government said the decision is part of a broader initiative to use “decentralized financial protocols and services.”
Circle launched stablecoin a year ago. To promote it, the company created a CENTER consortium. Security reserves have been independently audited several times.
Circle CEO Jeremy Allair called the Bermuda authorities step natural, as the Bermuda dollar is pegged to the US dollar at a 1: 1 ratio, just like the USDC.