New York City is launching a pilot program to test whether stablecoins can serve as an effective vehicle for basic income. The initiative will provide 160 participants with $12,000 in USDC, Coinbase’s dollar-pegged digital currency. Payments will be split into an initial $8,000 transfer followed by five monthly installments of $800, aiming to evaluate how recipients use and manage crypto-based financial support.
The program focuses on residents of the South Bronx and East Harlem, two of the city’s most economically challenged districts. Local officials selected these neighborhoods to study whether faster settlement times, lower fees, and digital wallets improve access compared with traditional banking or public-assistance methods.
Researchers will assess usability, spending patterns, and the broader implications of distributing public aid through stablecoins. The findings are expected to inform whether crypto-backed basic income could scale in other U.S. cities or complement existing social safety nets.