• Fed’s Neel Kashkari calls crypto ‘utterly useless,’ dismisses stablecoins as ‘buzzword salad’ The Minneapolis Fed president said stablecoins don’t beat Venmo and argued crypto fails basic real-world tests. • What to know: Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, dismissed cryptocurrencies, including bitcoin and stablecoins, as “utterly useless” compared with the clear economic potential of artificial intelligence tools. • Kashkari argued that stablecoins do not offer meaningful advantages over existing payment systems like Venmo for U.S. • consumers and still face technical and conversion hurdles, especially for everyday purchases. • His skepticism contrasts with the Trump administration, which has promoted bitcoin and regulated dollar-backed stablecoins as strategic tools to bolster the dollar’s global dominance and U.S. • Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, offered a blunt take on digital assets, arguing that cryptocurrencies, including bitcoinBTC$67,252.17and stablecoins, have yet to prove real utility.
Article Summaries:
- Fed Minneapolis President Neel Kashkari dismissed cryptocurrencies and stablecoins as “utterly useless” and “buzz‑word salad” during a speech at the 2026 Midwest Economic Outlook Summit. He argued that stablecoins offer no real advantage over existing payment platforms such as Venmo and that they still face technical and conversion hurdles for everyday use. Kashkari contrasted the limited utility of crypto with the long‑term economic potential of artificial‑intelligence tools. His remarks contrast sharply with the Trump administration’s promotion of bitcoin and dollar‑backed stablecoins as strategic tools to bolster U.S. financial influence.
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