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Coinbase Backs $2.6M Crypto Aid Pilot for New York Youth

Coinbase Backs $2.6M Crypto Aid Pilot for New York Youth

Coinbase is funding a new initiative by GiveDirectly, testing the use of USDC in guaranteed-income distribution for 160 low-income young New Yorkers.

USDC

Fact Check
Multiple sources confirm that Coinbase is funding a crypto aid pilot program for young adults in New York using the stablecoin USDC. The evidence corroborates Coinbase's involvement, the target demographic, and the location. However, none of the provided sources state the total funding amount of $2.6M, making that specific detail unverified by the evidence.
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Summary

Coinbase has committed $2.6 million to "Future First," a pilot program by GiveDirectly that will distribute $12,000 in USDC to 160 New Yorkers aged 18–30. Participants will receive an $8,000 lump sum and five $800 monthly payments. The project aims to assess crypto-based direct aid compared to traditional financial assistance methods.

Terms & Concepts
  • USDC: A USD-pegged stablecoin issued by Circle, designed to maintain a 1:1 value with the US dollar for stable transactions.
  • Crypto-based Direct Aid: A financial assistance model delivering funds via cryptocurrency, often aiming for faster, cheaper, and more transparent transfers.
  • Stablecoin: A cryptocurrency pegged to the value of a stable asset, such as fiat currency, to reduce volatility.