Minneapolis Fed President Questions Cryptocurrency Utility, Denies Superiority of Stablecoins

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, spoke at the '2026 Midwest Economic Outlook Summit' held in Fargo, North Dakota on the 19th, where he launched a severe critique of cryptocurrencies and stablecoins. Kashkari asserted that 'cryptocurrencies have been around for over a decade but are completely useless.' He contrasted this with AI tools, which are widely used daily and have proven utility, noting that cryptocurrencies have yet to demonstrate comparable practical value. Regarding stablecoins, he mentioned, 'What I can do with Venmo, a smartphone app for peer-to-peer payments in the U.S., seems sufficient, and I see no advantage in stablecoins doing the same.'