Some New Yorkers are set to receive a total of $12,000 in cryptocurrency as part of a cash transfer pilot program funded by GiveDirectly, which received donations from Coinbase. The initiative targets 160 residents, who will get $800 monthly payments in USDC, a stablecoin, starting in September, along with an $8,000 lump sum distributed in November. This program will run until February and aligns with the growing trend of guaranteed basic income schemes, which provide unconditional payments to designated groups. Emma Kelsey, the program lead, explained that the decision to provide a lump sum instead of regular payments is backed by research suggesting that larger, one-time payments can help recipients invest in higher-cost needs, like education or security deposits. Feedback from participants indicated a preference for this approach. Kelsey referenced a similar program in Georgia that informed this decision, highlighting community input as a key factor. The choice of New York City, particularly low-income areas like the South Bronx and East Harlem, was strategic. Local political support for cryptocurrency made it a suitable environment for this pilot. Kelsey noted that residents in these neighborhoods might be more open to using crypto over traditional banking methods, raising questions about how they perceive and utilize these digital funds compared to standard cash transfers.