Coinbase-Funded Program Is Giving Low-Income Adults $12,000 in Crypto To Test Whether No-Strings Cash Can Fight Poverty
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A group of low-income New Yorkers will receive $12,000 worth of USDC stablecoin over the next several months to see whether guaranteed payments delivered in crypto can actually help them build more stable financial lives.
The pilot, called Future First, is funded by Coinbase (NASDAQ:COIN) and run by the nonprofit GiveDirectly. It targets 160 low-income adults between 18 and 30 years old who were chosen through a lottery, according to Bloomberg.
Each person receives $8,000 up front, followed by five monthly payments of $800, all in USDC, a cryptocurrency that’s pegged to the U.S. dollar to avoid the wild price swings seen…
