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.

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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. financial influence.