Nonprofit organization GiveDirectly has initiated a cryptocurrency-based basic income pilot in New York, providing 160 residents with a total of $12,000 in USDC over five months. The funding for this initiative comes from a donation by Coinbase. Participants have been receiving $800 in stablecoins monthly since September and received a one-time payment of $8,000 in November. The project targets low-income communities in areas such as South Bronx and East Harlem, aiming to assess whether large lump-sum payments can better stimulate spending or investment.