A former Coinbase director says Bermuda’s move towards an “onchain economy” will succeed only if it delivers clear, early economic wins rather than relying on pilots or policy announcements.

Porter Stowell, a blockchain platform executive who previously worked at Coinbase, told The Royal Gazette that national-scale adoption often stalls not because the technology fails, but because institutions cannot line up around outcomes that prove the investment is needed.

The comments come as the Government announced plans this week from the World Economic Forum meeting in Davos to pursue what it described as the world’s first fully onchain national economy, in partnership with Coinbase and Circle.

Some commentators remain sceptical about how much benefit such policies will deliver to the local economy in the near term.

Mr Stowell said: “Early pilots can tolerate friction and bespoke efforts. An economy cannot.”

He argued that success comes when onchain systems stop being seen as interesting technology and instead become invisible infrastructure. In other words, when they are chosen because they work and deliver value, not because they are novel.

While much of the public discussion has focused on payments and stablecoins, Mr Stowell said payments alone rarely drive adoption. Instead, he said, use cases that generate immediate economic value are more likely to drive momentum, with payments infrastructure following once there is a clear reason to move money onchain. Progress, he added, should be judged by real-world outcomes rather than pilot counts or press releases.

Off-island policy experts say patience is built into the approach.

Ari Redbord, global head of policy and government affairs at TRM Labs and former senior adviser to the US Treasury Department, said early onchain pilots typically show value first within government and institutional settings. Broader benefits show up over time with more education and merchant participation.

Local banks and insurers contacted by The Royal Gazette declined to comment or did not respond by press time.