New Yorkers Were Given Thousands Of Dollars For An Experiment

• 25.11.2025, 23:41

They got the money in cryptocurrency.

New Yorkers have begun receiving payments under a pilot project that resembles guaranteed basic income programs. However, they receive money in cryptocurrency, reports Business Insider.

According to the publication, 160 participants of the project from the South Bronx and East Harlem for five months will receive an amount in stablecoin, equivalent to 12 thousand dollars. In November, they have already been paid eight thousand dollars, and then will give another $800 each month.

The project is implemented by the charitable organization GiveDirectly. And the funds for it were provided by the cryptocurrency exchange Coinbase. In fact, it is not just help, but also research.

Organizers emphasize that the program is based on the principle of unconditional basic income. Recipients do not need to fulfill any conditions, and they can spend the funds at their discretion. GiveDirectly has consciously departed from the classic scheme of regular payments and included a large lump-sum payment. According to program manager Emma Kelsey, surveys show that such amounts give people more options. For example, it will allow the recipient to pay for a housing deposit or start an education.

The use of cryptocurrency was also part of the experiment. Participants receive money in USDC stablecoin, which is tied to the dollar exchange rate. Organizers want to see if this format will be convenient for people and change their attitudes toward spending.

Kelsey said residents of the South Bronx and East Harlem may be more willing to use digital assets than banking services, especially since local authorities have been supporting crypto services in recent years.

The program will run through February. At its end, the organizers plan to evaluate how useful the new payment format has been and whether cryptocurrency has influenced the financial behavior of participants.