According to Bitcoin.com, Coinbase is funding a universal basic income (UBI) pilot in New York, providing 160 low-income residents with $12,000 in USDC, a stablecoin issued by Circle. The program, managed by nonprofit Givedirectly, will deliver the funds in six installments over six months, starting with an $8,000 lump sum followed by five $800 payments. The pilot aims to study the impact of delivering financial support via cryptocurrency and assess how recipients use the funds. Some experts, however, have raised concerns that receiving money in crypto might encourage investment in volatile assets like Bitcoin. Givedirectly will survey participants at the end of the program to evaluate the effectiveness of using crypto for such initiatives.
Coinbase Funds $12,000 USDC Universal Basic Income Pilot in New York
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