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$12,000 in Crypto Given to New Yorkers — With No Strings Attached

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October 3, 2025
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$12,000 in Crypto Given to New Yorkers — With No Strings Attached
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A fascinating experiment is taking place in the US right now: 160 people are going to be given $12,000 in crypto over the next five months — with no strings attached.

The initiative is a collaboration between Coinbase and the nonprofit GiveDirectly, which allows users to send money to the world’s poorest — with $95.5 million distributed to more than 140,000 people in the past year.

All 160 of the individuals involved in this trial are 18 to 30 years old, and based in New York. They’re getting a lump sum of $8,000 in the form of the USDC stablecoin, along with five further instalments worth $800 each.

Explaining what the scheme hopes to achieve, GiveDirectly’s senior manager of U.S. programs, Emma Kelsey, told Cryptonews:

“The primary aim is to provide direct financial support to low income young adults in New York, enabling them to achieve their goals including improved financial wellbeing, improved housing stability, and an increased ability to build their human capital through education.”

There are other objectives, too. GiveDirectly wants to see whether giving a larger lump sum upfront ends up being more beneficial — and if USDC proves to be more efficient “in terms of delivery and administrative costs, recipient experience, and levels of financial inclusion.”

Kelsey told us that some early advantages have already started to emerge, with USDC allowing recipients to get their cash faster.

“Payments are nearly instantaneous, and the cost of issuing USDC on Base to participants is minimal (for example — only $0.26 to issue the first 160 $800 payments — significantly cheaper than prepaid debit card.). These cost savings means more money can go directly to recipients.”

GiveDirectly is also hoping to reach out to those who may have had negative experiences with traditional financial institutions in the past — perhaps because they’re unbanked, or have struggled to access certain services.

Onboarding sessions were held for all 160 participants, which also highlighted “the potential downsides of investing in volatile cryptocurrencies.” While those taking part in the program are not being encouraged to convert their USDC into the likes of Bitcoin or Ether, there’s nothing stopping them from doing so. Kelsey says the lack of restrictions is designed to deliver greater levels of flexibility, adding:

“Recipients can transfer funds to traditional bank accounts, use a Coinbase debit card for purchases, or keep funds in their wallet where USDC earns 4.1% interest.”

Coinbase’s debit card, issued in conjunction with Visa, will help eliminate one of the biggest pain points associated with stablecoins. Although these digital assets are pegged on a 1:1 basis with the dollar, few mainstream retailers accept them as a payment method.

All of the participants in this program were already receiving support from organizations that serve those on low incomes. A grand total of 217 people applied — and once their eligibility was assessed, the 160 lucky individuals were chosen through a lottery.

So… what would be defined as a successful trial? Kelsey told us that GiveDirectly’s hoping to see positive outcomes for the recipients, whether this is in the form of housing stability or reduced financial stress. When asked whether the initiative could be expanded, she added:

“While we do not currently have additional crypto programs planned, we could imagine use cases where crypto could be particularly beneficial, for example, in extreme inflationary environments or humanitarian settings where traditional banking infrastructure is limited.”

Digital assets have proven especially popular in countries suffering from hyperinflation, with tech-savvy consumers often converting their fiat currency into US-denominated stablecoins to preserve spending power.

A number of charities have also spoken highly of crypto’s potential, arguing that it allows aid to get to those who need it faster — bypassing intermediaries while delivering greater levels of transparency. Russia’s invasion of Ukraine is one key example, with crypto investors donating tens of millions of dollars to help the country defend itself.

Looking ahead, GiveDirectly is planning to keep track of how the participants get on through surveys and focus groups, all while examining their overall financial health.

The $1.9 million scheme could also help Coinbase in its mission to highlight how stablecoins are a dollar for the digital age — making payments cheaper and faster.

The post $12,000 in Crypto Given to New Yorkers — With No Strings Attached appeared first on Cryptonews.

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