Coinbase-backed USDC payout pilot by GiveDirectly for 160 New Yorkers

A pilot program funded by Coinbase and administered by the nonprofit GiveDirectly is delivering $12,000 in USDC stablecoin to 160 low income New Yorkers between 18 and 30 to test whether digital assets can streamline aid distribution. The program, called Future First, began distributing payments last week to lottery-selected participants across New York, with an initial $8,000 lump sum followed by five monthly installments of $800.

GiveDirectly said the pilot aims to evaluate how unconditional digital payments affect recipients' financial stability, housing outcomes and ability to pursue education or work. Participants were chosen from 217 applicants after an eligibility review and onboarding process that included education on using digital wallets and the risks of investing in volatile assets. All recipients were already engaged with organizations that serve low income residents.

Coinbase provided funding and the infrastructure to transfer the USDC but did not select participants, program officials said. The exchange redirected roughly $2.6 million in remaining funds from a prior direct-giving initiative to seed the experiment. GiveDirectly and Coinbase say using stablecoins...