The company partnered with GiveDirectly, a nonprofit with long experience in cash assistance programs. Together, they are sending $12,000 in USDC to 160 adults who live in several low-income areas of the city. They receive $8,000 at the start and then $4,000 is divided into $800 monthly payments for five months. The funds appear in their Coinbase wallets soon after enrollment, and each person can decide how to use the money. They may keep the USDC, convert it to dollars, or withdraw it.
New York already has a strong, varied crypto community. Many residents trade well-known coins like Bitcoin and Ethereum, while others gravitate toward the more speculative end of the market and experiment with what are commonly called shitcoins. These users often look for resources that explain where to buy shitcoins, since such guides help them understand how the most volatile corners of the ecosystem operate. Some alternative projects, such as Bitcoin Hyper, incorporate Bitcoin Layer 2 that supports fast and low-cost transactions, while others, like PepeNode, even offer bonuses for top miners, raising the appeal and competition in the industry.
So while this pilot does not exactly encourage that type of activity, such trends and offerings highlight how comfortable many locals feel with digital assets in general. Some of the pilot’s participants arrive with experience using crypto platforms, while others are encountering them for the first time.
Coinbase supplied about $2.6 million to run this program. The funds came from a previous charity project that the company closed out. Instead of letting the remainder stay unused, Coinbase directed it to GiveDirectly to reach people who often face steep financial obstacles. GiveDirectly oversees enrollment and provides guidance to participants. It also studies how recipients handle the support so that future efforts can benefit from the results.
The goal of the project is simple. The organizers want to see whether stablecoins can function as a straightforward form of income support. Many people rely on prepaid cards, checks, or direct deposits when receiving help from local agencies. Digital payments offer a different method that avoids the delays linked to processing times. Faster access to funds can help residents manage bills and surprise expenses without waiting for paperwork to catch up.
Stablecoins like USDC appeal to people who want predictable value. Bitcoin attracts long-term holders who treat it as a separate kind of savings tool. Ethereum draws in users who enjoy the applications built on its network. These habits shape the way New Yorkers interact with digital money. A person familiar with crypto may keep part of the support in USDC and convert the rest to dollars. Someone new to the space may avoid experimenting and treat the payment like any other income.
Future First stands out because it combines direct aid with a digital format that works on a smartphone. Participants say they appreciate the speed and the ability to manage their funds without office visits or mailed checks. This level of access matters for residents who handle irregular work hours, family care, or medical needs. Supporters of the pilot think this approach can reduce stress and give participants more control over how they handle their daily expenses.
Critics express concerns about safety and digital literacy. They want to ensure that individuals understand how to protect their information and convert the funds if needed. The organizers respond by offering clear instructions for wallet use and withdrawals. They see this guidance as an important part of the program.
Researchers and local policymakers plan to examine the outcome once the payments end. They want to know how recipients used the funds and whether this style of support helped them handle expenses that previously felt out of reach. The results may influence whether similar pilots expand to other places. The direction will depend on the experiences of the participants and how workable the system proved during everyday use.
