Bermuda to Transition Key Financial Services to Stellar Network

Stellar Development Foundation and the Bermuda government have announced plans to migrate key payment and financial services to the Stellar network. According to Odaily, this initiative aims to establish a 'fully on-chain national economy' in Bermuda, leveraging the regulatory framework of the 2018 Digital Asset Business Act. The plan seeks to significantly reduce payment processing costs for local merchants, which currently range from 3% to 5% or higher. Under the new system, Bermuda residents will be able to use Stellar network digital wallets to receive salaries, make merchant payments, pay government fees, and hold digital assets. The government will pilot stablecoin payments, and financial institutions will have access to tokenization tools. These assets will also be used in government payment scenarios, including social service distributions.