A new pilot project aimed at testing the Universal Basic Income (UBI) system has been launched in New York City, USA. The program involves 160 low-income residents of the city, and each of them will receive $12,000 in the USDC stablecoin, issued by Coinbase. This initiative is being assessed as an important step at the intersection of social aid and high technology.
Payment Terms and Goals
The total payment amounts to 12 thousand US dollars for each participant. The payment currency is USDC, a stable cryptocurrency pegged to the US dollar. Funds will be delivered in two stages: initially, a large lump sum, followed by monthly payments. Most importantly, participants can freely dispose of their funds: save, spend, or exchange them for cash.
The program is organized by the charity GiveDirectly, with funding partially provided by the major cryptocurrency company Coinbase. The main goal of the project is to assess how effectively digital assets can be used for social payments and how they will positively affect the financial stability of low-income families.
The initiators want to understand: whether UBI improves the quality of life; whether stablecoins can be widely used in public and private social programs; and how convenient USDC is for people who do not have access to traditional financial services. If successful, the project may serve as a basis for future UBI programs where digital currencies are used as a faster and more transparent payment method.
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