Government of Bermuda Accepts Tax Payments in USDC Stablecoin

Bermuda has become the first country in the world to formally accept tax payments in the USD Coin (USDC) cryptocurrency. According to a press release issued by Circle, the development is part of a new initiative by the government to support USD-based stablecoins. The USDC digital currency is backed by both Circle and Coinbase. One USD Coin has the equivalent value of one dollar.