Fed’s Schmid says instant payments will outpace digital assets

Kansas City Fed President Jeff Schmid said instant payment systems will likely outpace digital assets in reshaping banking, pointing to faster settlement's implications for liquidity management. His remarks position real-time payments, not crypto rails, as the more immediate force redefining bank operations and challenging digital asset platforms' settlement value proposition. The comments add to the debate over whether blockchain-based payments can compete with established instant payment infrastructure as adoption grows.