Fed’s Kashkari lashes crypto and stablecoins, praises AI

Minneapolis Fed President Neel Kashkari says crypto is “utterly useless” compared to AI, and that pro-stablecoin arguments are “a buzzword salad.”

Neel Kashkari, the president of the US Federal Reserve Bank of Minneapolis, says that crypto is “utterly useless” in comparison to artificial intelligence and took a swipe at stablecoins, saying they don’t have many uses.

Speaking at the 2026 Midwest Economic Outlook summit on Thursday, Kashkari drew comparisons between AI and crypto, saying the latter “has been around for more than a decade, and it's utterly useless.”

“AI has not been around very long, and people are using it every day,” he added. “This is demonstrating to me that this thing is real and it has real long-term potential for the US economy as opposed to crypto.”

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