{"id":6830,"date":"2026-02-20T13:53:43","date_gmt":"2026-02-20T13:53:43","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6830"},"modified":"2026-02-20T13:53:43","modified_gmt":"2026-02-20T13:53:43","slug":"feds-kashkari-calls-crypto-utterly-useless-questions-stablecoin-value","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6830","title":{"rendered":"Fed\u2019s Kashkari Calls Crypto \u2018Utterly Useless,\u2019 Questions Stablecoin Value"},"content":{"rendered":"

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  • Neel Kashkari said cryptocurrencies have not demonstrated real-world usefulness despite more than a decade of existence, contrasting them with AI\u2019s growing economic relevance.<\/span><\/li>\n
  • He questioned whether stablecoins offer any advantage over established digital payment platforms, particularly for US consumers.<\/span><\/li>\n
  • His remarks stand in contrast to the Trump administration\u2019s support for Bitcoin and regulated dollar-backed stablecoins as strategic financial tools.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Federal Reserve Bank of Minneapolis President Neel Kashkari has dismissed cryptocurrencies and stablecoins as lacking practical value, describing the sector as \u201cutterly useless\u201d more than a decade after its emergence. Speaking at the 2026 Midwest Economic Outlook Summit in Fargo, North Dakota on Thursday, Kashkari contrasted digital assets with artificial intelligence, arguing that AI has clear long-term economic promise for the United States.<\/p>\n

    Addressing the audience, he noted that while many people now use AI tools such as ChatGPT or Gemini, far fewer rely on Bitcoin for everyday transactions. He said crypto has failed to demonstrate meaningful utility despite its longevity.<\/p>\n

    Related: OpenAI Launches EVMbench to Test AI\u2019s Ability to Secure Ethereum Smart Contracts<\/strong><\/p>\n

    Do Stablecoins Improve Existing Rails?<\/h2>\n

    Kashkari also questioned whether stablecoins improve upon existing payment systems. He argued that services such as Venmo, PayPal and Zelle already allow users to transfer small sums easily, asking what additional function a \u201cmagical stablecoin\u201d would provide.\u00a0<\/p>\n

    While some advocates promote stablecoins as cheaper and faster for cross-border transfers, Kashkari said such benefits are not directed at US consumers and still require conversion into local currency for daily purchases, which can add costs.<\/p>\n

    His position diverges from that of the Trump administration, which has supported Bitcoin and regulated dollar-backed stablecoins as tools to strengthen the dollar\u2019s global role. Treasury Secretary Scott Bessent has argued that regulated stablecoins could reinforce the greenback\u2019s reserve currency status, and President Trump signed an executive order in March to establish a strategic Bitcoin reserve.<\/p>\n

    Related: World Liberty Financial to Tokenise Revenue From Trump Maldives Resort<\/strong><\/p>\n<\/p><\/div>\n

    Cryptocurrency,Federal Reserve,Stablecoins#Feds #Kashkari #Calls #Crypto #Utterly #Useless #Questions #Stablecoin1771595623<\/p>\n","protected":false},"excerpt":{"rendered":"

    Neel Kashkari said cryptocurrencies have not demonstrated real-world usefulness despite more than a decade of existence, contrasting them with AI\u2019s growing economic relevance. He questioned whether stablecoins offer any advantage over established digital payment platforms, particularly for US consumers. His remarks stand in contrast to the Trump administration\u2019s support for Bitcoin and regulated dollar-backed stablecoins<\/p>\n","protected":false},"author":1,"featured_media":6831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1539,62,1812,2678,2681,166,2680,2679],"class_list":{"0":"post-6830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-calls","9":"tag-crypto","10":"tag-feds","11":"tag-kashkari","12":"tag-questions","13":"tag-stablecoin","14":"tag-useless","15":"tag-utterly"},"yoast_head":"\nFed\u2019s Kashkari Calls Crypto \u2018Utterly Useless,\u2019 Questions Stablecoin Value - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=6830\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed\u2019s Kashkari Calls Crypto \u2018Utterly Useless,\u2019 Questions Stablecoin Value\" \/>\n<meta property=\"og:description\" content=\"Neel Kashkari said cryptocurrencies have not demonstrated real-world usefulness despite more than a decade of existence, contrasting them with AI\u2019s growing economic relevance. 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