Coinbase has initiated a universal basic income (UBI) pilot in New York, distributing $12,000 in USDC to 160 low-income residents. The program, managed by nonprofit Givedirectly, will provide the funds in six installments over six months, starting with an $8,000 initial payment followed by five monthly $800 payments. This initiative aims to explore the impact of financial support delivered via cryptocurrency and assess how recipients utilize the funds. The pilot seeks to understand the potential of crypto in social welfare programs, though some experts caution that receiving funds in cryptocurrency might lead to investments in volatile assets like Bitcoin. Givedirectly plans to survey participants at the program's conclusion to evaluate the effectiveness of using crypto for such initiatives.