Universal Basic Income
Low-income New Yorkers receive $12,000 in USDC via pilot program
Reported by AI
A pilot program administered by GiveDirectly and funded by Coinbase is providing 160 low-income New Yorkers with $12,000 in USDC, a stablecoin pegged to the U.S. dollar. The initiative draws inspiration from universal basic income experiments to study the impact of unconditional cash payments on poverty. Payments consist of a $8,000 lump sum followed by five $800 installments.