@ninjafromqueens

📢 Big news: Crypto-powered “basic income” for some NYC residents Some New Yorkers are getting $12,000 in crypto (stablecoin) thanks to a new pilot funded by Coinbase. The initiative, run through the nonprofit GiveDirectly, targets 160 low-income residents in neighborhoods like the South Bronx and East Harlem. Here’s how it works: Each selected resident will receive USDC a U.S.-dollar-pegged stablecoin totaling $12,000 over several months. The payment is distributed as an $8,000 lump sum (in November) + monthly $800 payments for the next few months. Business Insider+2CoinDesk+2 Recipients can hold the funds in crypto, convert to bank account, spend with a crypto card, or withdraw via ATM giving flexibility similar to cash. Supporters say this experiment could help people cover major expenses like security deposits, tuition, or moving costs potentially providing a real financial boost when needed most.

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