TL;DR
- Katie Haun has championed stablecoins since 2018, arguing their value beyond crypto volatility.
- Her firm, Haun Ventures, manages $1.5B and backs stablecoin projects like Bridge (acquired by Stripe).
- Stablecoins now exceed Visa in transaction volume and hold $250B+ in value.
- Haun supports the GENIUS Act, offering federal stablecoin rules—despite criticisms from lawmakers.
- She sees tokenized assets as the next frontier in financial democratization.
From Prosecutor to Stablecoin Pioneer
Back in 2018, when Bitcoin hovered around $4,000 and skepticism about cryptocurrency was rampant, Katie Haun took the stage in Mexico City to debate economist Paul Krugman. As Krugman criticized crypto volatility, Haun pivoted to a different story: stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar.
“Stablecoins are really important to this ecosystem,” Haun argued, anticipating a trend that would later reshape global crypto adoption.
With a background as a federal prosecutor focused on financial crimes and crypto regulation, Haun went on to become the first female general partner at Andreessen Horowitz (a16z) before launching Haun Ventures in 2022, managing $1.5 billion in assets. Stablecoins are at the heart of her investment thesis.
The Growth of Stablecoins and Haun’s Vision
Stablecoins have grown exponentially, now valued at over $250 billion, and are the 14th largest holder of U.S. Treasuries globally. Last year, for the first time, stablecoin transaction volumes surpassed Visa, signaling a major shift in how digital dollars are used globally.
Unlike volatile assets like Bitcoin or Ethereum, USDC (by Circle) and USDT (by Tether) are designed to maintain a 1:1 value to the U.S. dollar, enabling users to move money globally without friction.
“People in Turkey don’t think of Tether as a cryptocurrency,” Haun noted. “They think of Tether as money.”
Stablecoin Rise
| Metric | Value | Source |
| Stablecoin market cap | $250B+ | CoinGecko |
| Share of U.S. Treasuries held | 14th largest globally | Bloomberg |
| Transaction volume vs. Visa | Exceeded Visa in 2024 | TechCrunch |
Policy Battles: GENIUS Act and the Trump Token Controversy
As stablecoins move mainstream, U.S. lawmakers are racing to regulate them. The GENIUS Act, recently passed in the Senate with bipartisan support, proposes a federal framework for stablecoin regulation.
However, it’s not without controversy. Senator Elizabeth Warren opposes the bill, calling it a “superhighway for Donald Trump’s corruption” due to loopholes allowing family members of politicians to issue stablecoins. Her concern follows reports that the Trump family launched their own stablecoin, raising conflict-of-interest red flags.
Haun, a vocal supporter of the GENIUS Act, disagrees with Warren’s characterization.
“Had there been rules of the road in place, there would have been clear consumer protections,” she countered.
She believes regulation, not political fear-mongering, is what the market needs to separate legitimate digital dollar projects from scams or risky ventures like the now-defunct TerraUSD, which famously lost $60 billion in value.
The Yield Debate: Who Gets the Interest?
One point of disagreement Haun has with the GENIUS Act is its ban on yield-bearing stablecoins—tokens that generate interest from their reserves.
Currently, platforms like Circle and Coinbase retain interest earned from reserve assets. Haun questions why consumers shouldn’t benefit instead.
“If you had a savings account and you’re getting interest, why should it be different here?” she asked.
Her remarks highlight a growing concern that stablecoin economics, while technically stable, may still reproduce inequalities embedded in traditional banking.
Regulation vs. Misuse: Tracing Criminal Activity
Another critique of stablecoins is their potential use in money laundering or terror financing. Warren and others have raised alarms about traceability.
But Haun—drawing from her experience in federal law enforcement—argues that blockchain is far more transparent than cash.
“The largest criminal instrument is the dollar bill,” she stated. “99.9% of money laundering happens via traditional bank wires.”
In her view, clear laws and regulatory guardrails will strengthen rather than weaken compliance in digital finance.
Looking Ahead: Tokenizing the World
Beyond stablecoins, Haun sees a world where real-world assets—from real estate to private equity—are tokenized and traded digitally.
“It’s just a digital representation of a physical asset,” she said, citing examples like BlackRock and Franklin Templeton already tokenizing money market funds.
She compares the movement to Netflix’s disruption of television:
“Instead of needing millions to invest, a person with $25 and a smartphone can buy fractional shares of Apple.”
Though stablecoins currently make up only 2% of global payments, Haun argues it’s still early days, and the trajectory mirrors previous tech adoption cycles.
Conclusion
Katie Haun’s stablecoin thesis—once a fringe concept—has now become a driving force in the crypto economy. From her debate-stage advocacy to managing a $1.5B venture firm, she has consistently pushed for accessible, traceable, and regulated digital dollars.
While regulation like the GENIUS Act may not be perfect, Haun believes it’s a necessary foundation. The bigger picture? Stablecoins and tokenized assets are poised to reshape finance, from remittances to retail investing. And with players like Walmart, Amazon, and Apple entering the conversation, the mainstream moment for stablecoins is fast approaching.
