The Stablecoin Evangelist: Katie Haun’s Crusade for Digital Dollars

Image Credit: Slava Blazer Photography / TechCrunch

In 2018, with Bitcoin hovering near $4,000 and skepticism about cryptocurrency running high in the U.S., Katie Haun stood opposite Nobel Prize-winning economist Paul Krugman on a debate stage in Mexico City. While Krugman questioned the future of digital currencies based on their notorious volatility, Haun chose to highlight a lesser-known but transformative class of crypto: stablecoins.

From Law Enforcement to Crypto Advocate

Haun’s credentials are unusual for a crypto leader. A former federal prosecutor, she helped spearhead the government’s earliest cryptocurrency task force, investigating financial crimes and high-profile hacks like Mt. Gox and the Silk Road. Joining Andreessen Horowitz (a16z) as its first female partner, she co-led the firm’s crypto investments before founding Haun Ventures in 2022. This new fund, with over $1.5 billion under management, empowers Haun to champion her vision for the future of money, especially stablecoins.

Haun’s break from a16z signaled her commitment to carve an independent path. While there has not been co-investment between her fund and a16z since early 2022, and her departure from Coinbase’s board created distance from prominent industry players, Haun emphasizes ongoing communication with her former colleagues, with no explicit agreement to avoid competition.

Stablecoins: Utility Beyond Volatility

Unlike Bitcoin or Ethereum, whose prices fluctuate unpredictably, stablecoins such as USDC and USDT are designed to maintain a one-to-one value with the U.S. dollar. This stability allows users to access the benefits of blockchain—such as near-instant global transfers—without exposure to wild market swings.

Over the past decade, the stablecoin market has exploded from obscurity to a quarter-trillion-dollar sector. Stablecoins now constitute one of the largest holders of U.S. Treasuries and, in 2024, their transaction volume reportedly surpassed that of Visa.

Haun believes that stablecoins solve an overlooked problem: while traditional banking works seamlessly for most Americans, many people globally lack access to stable currencies or reliable financial infrastructure. In places like Turkey, stablecoins have become a practical alternative to fiat, seen by locals not as crypto, but as real money.

The Corporate Shift and Regulatory Headwinds

As stablecoins gain traction, major companies like Walmart, Amazon, Uber, and Airbnb are reportedly investigating their use. By moving U.S. dollar value using blockchain technology rather than conventional rails, these firms could significantly decrease payment processing costs.

This growing adoption, however, brings challenges. Critics warn of economic risk, noting that stablecoin issuers lack the insured reserves of traditional banks. The idea of corporations issuing their own currencies poses questions for monetary policy and regulation. Furthermore, not all stablecoins are equally safe; while regulated coins like USDC are backed by audited dollars, some remain opaque and unproven. The spectacular $60 billion collapse of algorithmic stablecoin TerraUSD is a cautionary example.

Politics, Policy, and the GENIUS Act

The debate around stablecoin oversight has reached Congress with the GENIUS Act, a bill that would set federal standards for the sector. Recently passed in the Senate with bipartisan support, the bill still faces opposition. Senator Elizabeth Warren criticized it for loopholes that exclude politicians’ family members from stablecoin issuance restrictions, raising concerns about potential corruption.

Haun responds that regulatory clarity is overdue, arguing that legislative frameworks would establish clear consumer protections, classification of digital assets, and reduce space for abuse. Her only major concern with the bill is its prohibition on yield-bearing stablecoins, questioning why customers shouldn’t earn interest on their digital dollars as they do with traditional savings accounts.

The Future: Tokenized Assets and Financial Inclusion

Beyond payments, Haun foresees stablecoins as a gateway to deeper tokenization of assets. Money market funds, real estate, and even private credit could become digital tokens, available to investors worldwide, around the clock, in small increments. This could enable anyone—regardless of wealth—to access asset classes previously reserved for high-net-worth individuals or institutions.

While critics note that stablecoins still represent just a small fraction of global transactions, Haun likens the path to adoption to other transformative technologies: slow at first, then exponential.

DeepFounder AI Analysis

Why it matters

The growing impact of stablecoins signals a pivotal shift in how value is moved, stored, and accessed globally. For startups, especially those targeting emerging or underbanked markets, the rise of regulated digital dollars offers opportunities to leapfrog traditional financial systems and unlock entirely new markets. The embrace of tokenized assets also hints at a broader democratization of investment—breaking down barriers that previously excluded millions from wealth-building products.

Risks & opportunities

The march of stablecoins is not risk-free. Regulatory uncertainty, technological vulnerabilities, and opaque reserves can undermine trust and trigger broader systemic tremors, as seen with the TerraUSD collapse. However, there is tremendous upside for solutions that increase transparency, ensure compliance, and offer seamless integration with corporate or government payment rails. The first innovators to deliver consumer-grade security and trust for digital dollars will shape the next chapter of fintech.

Startup idea or application

One compelling startup opportunity is a “stablecoin as a service” API platform for global marketplaces and fintechs, allowing businesses to accept, custody, and instantly settle with multiple regulated stablecoins. With an integrated compliance layer and payout modules for both consumers and suppliers, this platform could become essential for gig economy, remittances, cross-border SaaS, and more—especially in regions where stablecoins fill gaps left by legacy banks.

Stablecoins Crypto Regulation Fintech Digital Assets Tokenization

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