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Philadelphia is exploring a partnership with CityCoins. CityCoins offer people a way to support their city and grow its crypto treasury while earning bitcoin and the native Stacks (STX) tokens for themselves. Current iterations include MiamiCoin and NYCCoin. The idea is that city residents mine STX tokens, with 30% being deposited into a digital wallet for use by the designated city. The tokens can be used for whatever the city deems fit, and holders can convert them to bitcoin.

"MiamiCoin is the first in what CityCoins, a Delaware-based company with a mailing address in a Los Angeles strip mall, has promised will be a series of US city-branded cryptocurrencies. New York City mayor Eric Adams tweeted his approval of NYCCoin on Nov. 8, shortly after his election, welcoming CityCoins to "the global home of Web3" (Web3 is a crypto-optimist idea of a decentralized internet built on blockchains and cryptocurrencies). But Adams hasn't spoken of NYCCoin since taking office on Jan. 1 of this year, and the coin has fallen 68% since then. Meanwhile, Philadelphia's government has explored the CityCoins idea, but announced in April it would not proceed."

"Miami launched its own crypto-asset, MiamiCoin, which will be used to fund infrastructure projects or events in the city. The idea is that people will support Miami by buying or mining MiamiCoin, and funds will be diverted to the city's treasury. MiamiCoin will be the first CityCoin released. CityCoins is a project that allows people to invest in a city by buying tokens. It works with local governments so those who invest are rewarded in Bitcoin or Stacks. MiamiCoin additionally benefits holders by allowing them to Stack (STX) and earn yield through the Stacks protocol."

"As of today, all of these coins are purposeless. Miners are burning piles of crypto cash to receive assets that might never have any application whatsoever, in Miami or anywhere else. That, in turn, is affecting their prices. In September 2021, MiamiCoin was worth around 6 cents-since February, its value has been tanking. That is not going down well with some MiamiCoin miners. On CityCoins' Discord, several people have voiced their discontent, with some reporting losses of 90 percent or higher, and one user named SARIJAPIJA pithily reporting, "Lost all My money whit [MiamiCoin], tnx guys." Even Suarez, mere days after Miami received the millions as a donation, toned down his early enthusiasm, telling the Miami Herald that he did not know whether the cryptocurrency was "going to work or not," given that "innovation doesn't always work.""

"Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs."