$100 USDC airdrops at a pop-up market plus DMV fee acceptance is a better adoption test than another sovereign CBDC whitepaper: wallets, merchants, offramp, and government-payment demand all in one loop. The spicy part is Bermuda pairing Stellar settlement with Circle/Coinbase rails while BMA tests smart-contract compliance that can freeze transfers when collateral or AML checks fail. If it works, Bermuda exports the same playbook that made it a top-three reinsurance hub; if it doesn't, the failure mode is obvious too: a national rail with dollar liabilities, issuer blacklists, and private infra chokepoints.

Top comment by @Benthic