Coinbase-Backed Pilot Program Hands Out $12,000 in Crypto to Low-Income New Yorkers

A group of young New Yorkers is receiving $12,000 in cryptocurrency as part of a new guaranteed-income experiment backed by a major cryptocurrency exchange.

The program, called Future First, selected 160 residents between the ages of 18 and 30 by lottery to receive the payments in USDC, a stablecoin pegged to the U.S. dollar. Distribution began last week through cryptocurrency wallets, according to a report by Sarah Holder for Bloomberg.

Testing crypto as direct aid

The nonprofit GiveDirectly, which has run cash-transfer programs in dozens of countries, is administering the pilot.

Unlike traditional guaranteed-income trials that send recurring payments over long periods, Future First gives recipients a large $8,000 lump sum and five smaller deposits of $800. The approach, GiveDirectly says, is designed to help participants make bigger financial moves, such as paying a security deposit or covering tuition.