Key Takeaways
- GiveDirectly is administering a New York pilot that distributes $12,000 in stablecoins to low-income young adults, funded by Coinbase.
- The program targets low-income young adults in New York, selected by lottery.
A pilot program in New York is providing $12,000 in stablecoins to low-income residents through Coinbase funding, administered by the nonprofit GiveDirectly. The initiative targets 160 young adults selected by lottery to study the impact of unconditional crypto support.
Coinbase recently expanded access to various digital assets for New York residents, supporting broader cryptocurrency integration in state-regulated environments.
Stablecoins, digital currencies pegged to stable assets, are increasingly integrated into institutional and community-focused financial programs. The assets are being positioned for institutional-grade use, aligning with New York’s efforts to incorporate them into public financial assistance initiatives.
The pilot represents a cryptocurrency initiative in New York aimed at studying unconditional income in crypto and its impact on low-income young adults.
Source: https://cryptobriefing.com/new-york-stablecoin-pilot-coinbase-2024/