In 2018, as Bitcoin hovered around $4,000 and most Americans dismissed crypto as a passing fad, Katie Haun was already making her case. On stage in Mexico City, opposite Nobel Prize-winning economist Paul Krugman, Haun wasn’t focused on Bitcoin’s volatility or speculation. Instead, she steered attention to what she saw as the most underrated innovation in crypto: stablecoins.
“Stablecoins are really important to this ecosystem to hedge against volatility,” Haun argued—at a time when few took them seriously. Krugman didn’t budge. But six years later, it’s Haun’s vision that’s gaining traction.
Fast-forward to 2024: stablecoins now represent over $250 billion in value, have become the 14th largest holder of U.S. Treasuries globally, and last year, their transaction volume reportedly surpassed Visa’s.
This isn’t just a story of market growth. It’s about the rising relevance of stablecoins in a world where financial infrastructure varies wildly between countries, and where blockchain rails are proving faster, cheaper, and more global than traditional banking systems.
Katie Haun’s credibility in the crypto world comes not from founding a blockchain startup but from investigating them. A former federal prosecutor, she led the DOJ’s first crypto task force, helped crack the Mt. Gox and Silk Road cases, and later became the first female general partner at Andreessen Horowitz, where she co-led the firm’s crypto investments.
In 2022, she launched Haun Ventures, with $1.5 billion under management and a sharp focus on web3 and digital assets. While her split from Andreessen Horowitz has raised eyebrows—especially with a lack of co-investments since her departure—Haun insists the relationship remains friendly, if not collaborative.
Still, she’s forging her own path. And at the heart of her strategy is the bet that stablecoins will reshape the financial world—especially outside of the U.S.
Why Stablecoins Matter More Than Ever
Unlike volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins like USDC or USDT are pegged to traditional assets, usually the U.S. dollar. This peg offers the benefits of blockchain—speed, transparency, global reach—without the price swings.
For Americans, traditional financial tools like Venmo and credit cards work just fine. But in places like Turkey or Argentina, where currencies are unstable and banking access is limited, stablecoins offer real financial utility. As Haun put it, “People in Turkey don’t think of Tether as crypto. They think of Tether as money.”
And it’s not just individuals. Giants like Amazon, Walmart, Uber, and Airbnb are exploring stablecoin use for one simple reason: savings. Stablecoins could cut billions in processing fees from global payment systems, moving digital dollars faster and more efficiently.
Regulation, Risks, and the Future of Tokenized Finance
But with growth comes scrutiny. Stablecoins still exist in a regulatory gray zone in the U.S.—a gap that the newly proposed GENIUS Act aims to fill. The bill, which just passed the Senate with bipartisan support, would create the first federal framework for stablecoin regulation. But it has drawn criticism, notably from Senator Elizabeth Warren, who warns of corruption risks and loopholes, especially following reports that members of the Trump family launched their own stablecoin.
Warren’s concern? The bill bans officials from issuing stablecoins but not their family members. Haun, unsurprisingly, isn’t buying the criticism. “It’s ironic,” she said, pointing out that Democrats opposed to the bill haven’t introduced alternative crypto legislation themselves. “Had there been clear rules of the road, the concerns Warren is raising might not even exist.”
Still, Haun doesn’t support every part of the GENIUS Act. She questions the outright prohibition on yield-bearing stablecoins, arguing that if companies earn interest on reserves, perhaps consumers should too. “What if your bank kept your interest, and you didn’t get a dime?” she asked.
On the issue of money laundering, Haun pushed back hard. “Criminals are great beta testers of all technology,” she said, “but this is more traceable than cash. The largest criminal tool is the dollar bill.” Treasury data reportedly supports that, showing that over 99% of money laundering happens via traditional banking, not crypto.
For Haun, clear regulation would not just reduce risk, but actually empower the best stablecoin providers—those with transparent backing, audited reserves, and strong governance—to thrive.
Tokenization and Financial Access
Looking ahead, Haun believes that the tokenization of real-world assets will be the next great leap. From money market funds to real estate and private credit, she envisions a world where digital tokens give anyone with $25 and a smartphone access to investments once reserved for the wealthy.
“Just because something’s inevitable doesn’t mean it’s imminent,” she cautioned. But if stablecoins have proven anything, it’s that financial transformation starts quietly—until it doesn’t.
Back in 2018, stablecoins were dismissed. Today, they power global payments and occupy a central place in regulatory debates. Tomorrow, they could be the rails of a new financial system—one that’s more open, programmable, and inclusive than the one we have now.
And if Haun’s track record is any indication, the stablecoin regulation and adoption movement is just getting started.
