GiveDirectly and Coinbase tested crypto cash in New York pilot

GiveDirectly and Coinbase paid 160 young adults in the South Bronx and Harlem $12,000 each in USDC over six months, marking GiveDirectly’s first U.S. crypto cash pilot. The program boosted savings and emergency resilience, but fewer recipients said they felt in control of their life decisions by the end.

Why it matters: - The pilot is one of the largest U.S. cash-transfer tests to use cryptocurrency. - GiveDirectly is using the results to assess whether stablecoins can deliver aid cheaply and reliably. - The program also raises a harder question: whether more cash, longer timelines or coaching are needed to make gains last.

What happened: - GiveDirectly and Coinbase ran Future First New York, a six-month pilot in the South Bronx and Harlem. - The program paid 160 young adults ages 18 to 30 $12,000 each in USDC. - Each recipient received an $8,000 lump sum plus additional payments over time. - The program was GiveDirectly’s first U.S. pilot to deliver cash in cryptocurrency. - The nonprofit published the results on Sept. 17, 2026.

The details: - Recipients lived in and around New York’s 15th Congressional District, where nearly a third of residents live below the U.S. poverty line. - Participants enrolled through youth mentorship organizations they already trusted. - Coinbase delivered the payments on Base, its layer-2 blockchain. - Every payment went through. - Fees were under 1% of transfers. - 89% of recipients said they felt safe receiving money this way. - Average savings rose from $320 to $1,488. - The share of recipients with more than $500 saved increased from 8% to 33%. - The share having difficulty paying rent fell from 67% to 27%. - The share often struggling with bills fell from 31% to 11%. - The share able to cover a $400 emergency rose from 22% to 38%. - Recipients used the money to pay back rent and utility bills, keep phones on, start small businesses, pay for trade certifications and help family. - Thirty-nine percent used some of the money to support relatives. - Some recipients said keeping the money in a separate wallet helped them save. - GiveDirectly says the results are directional because the sample size was 160 people and the analysis relied on before-and-after surveys plus focus groups.

Between the lines: - The pilot produced clear financial gains, but not every measure moved in the same direction. - The share of recipients who said they had goals for the future fell from 96% to 78%. - The share who felt in control of their life decisions fell from 90% to 73%. - GiveDirectly says it does not know why confidence about the future declined. - Rising housing costs or a weaker job market may have played a role. - The survey came a few weeks after the last payment, when recipients were planning for life without the cash. - Some recipients first worried the program was a scam, which suggests trust and onboarding mattered. - Step-by-step guides, clear payment schedules and customer service helped participants get comfortable. - One recipient said, “I wasn't into crypto before being selected, but now I know how to work Coinbase, and I have a Coinbase debit card.”

What’s next: - GiveDirectly says recipients would have preferred the cash remain unconditional. - Participants also wanted optional coaching on credit, taxes and crypto security. - Recipients said they would want larger transfers, estimating $24,000 or more over 12 to 24 months. - The pilot has ended and is not enrolling new participants. - GiveDirectly accepts cryptocurrency donations through Endaoment. - Full results are available at the full report.

The bottom line: - The pilot suggests crypto can move cash quickly and cheaply, but long-term impact may depend more on program design than on the payment rail.