First US Pilot: Crypto Payments Replace Cash Aid in New York
A groundbreaking pilot project, Future First, is underway in New York. It's the first of its kind in the US, providing young adults with cryptocurrency instead of traditional cash. The project, led by GiveDirectly and funded by Coinbase using Circle's USDC stablecoin, aims to explore the potential of blockchain-based payments in aid delivery.
Future First has selected 160 residents, aged 18 to 30, through a lottery system. Each participant will receive $12,000 in USDC over five months. The initial payment is an $8,000 lump sum, followed by five $800 payments. Emma Kelsey, leading US programs at GiveDirectly, believes this lump sum model suits this age group's life stage.
Unlike previous guaranteed income programs, Future First uses stablecoins pegged to the US dollar. This move tests whether crypto can make aid delivery faster, cheaper, and more transparent. Coinbase, funding the project, and Circle's USDC serve as the medium of exchange, combining philanthropy, fintech, and blockchain. Recipients can convert their digital dollars to cash or use them directly with merchants accepting crypto payments, avoiding traditional banking system delays and fees.
Future First, a first-of-its-kind experiment in the US, is providing young adults in New York with a steady stream of cryptocurrency. The project, run by GiveDirectly and funded by Coinbase using Circle's USDC, aims to showcase the potential of blockchain-based payments in aid delivery. With $12,000 in USDC distributed over five months, the pilot could reshape how financial support is provided in the future.
Read also:
- Saudi Arabia's TASI Surges Past 11,000, Leading Gulf Equities Rally
- TikTok's deal negotiations continue following a conversation between Xi and Trump
- Trump announces agreement with Chinese authorities on TikTok deal
- Quantum Computing Market in the Automotive Sector Forecast to Expand to $6,462.13 Million by 2034
