Bermuda to accept USDC for tax payments

Stablecoins • October 16, 2019, 12:28PM EDT
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In what appears to be a first, the Bermuda government will begin accepting the USDC stablecoin for tax payments, fees, and other government services, according to Circle announcement.

According to Circle, the announcement is part of "a broader initiative from the Bermuda government aimed at supporting the use of USD-dollar backed stablecoins and decentralized finance protocols and service."

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USDC was launched by CENTRE, a consortium co-founded by Coinbase and Circle, in 2018. Since then, the project has become the world's second most issued stablecoin. According to data from Coin Metrics', USDC supply has grown over 80% since the beginning of 2019, reaching its all-time high last week.

In June, Circle announced that it was opening a new outpost in Bermuda to service non-U.S. Poloniex clients.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi