Minneapolis Fed President Neel Kashkari on Thursday attacked crypto and stablecoins, saying proponents deliver “word-salad nonsense answers” when pressed to explain how the technology actually works for cross-border payments.

The Cross-Border Attack

Kashkari used a personal example to dismantle crypto’s cross-border payment thesis. 

His wife was born in the Philippines, and he asked crypto advocates how he could send money to his father-in-law in Manila to buy groceries.

“They say, oh my gosh, it’s so costly to do it today. With this gee whiz crypto stuff, you could do it instantly,” Kashkari said. “But then I still say, how does he buy groceries with it? Well, you still got…

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