The stablecoin evangelist: Katie Haun’s fight for digital dollars

In 2018, when Bitcoin was doing nearly $ 4,000 transactions and most Americans, at least thought cryptocurrency was a fad, Katie Han found himself on one Controversy phase Unlike Paul Krugman in Mexico City, the Nobel Prize economist who rejected the digital resource as worthless. As Creugman focuses on Bitcoin’s wild prices, Han driven the conversation to something else – Stabicoens.

He argued on the stage, “Stabilists for this ecosystem are truly interesting and really important,” he argued on the stage that digital tokens that were pegged to the US dollar could explain the rise of the Blockcorecarenic technology without the Traditional Technology.

Crugman completely dismissed the idea.

It was not exactly a turning point in the career of the house, but it was a moment among others that helped define it. Former Federal Prosecutor who spent more than a decade spent investigating financial crime, was created by the government’s first cryptocurrency task force and led by Mount Gox hack and corrupt agents in the Silk Road case, to become an unusual background in the house. He was not a liberal ideology or a technology founder. Instead of law enforcement, he understood the criminal possibilities and valid uses of digital resources.

By 2018, she already made history as the first female partner in Andresen Horovits, where she gave their co-leadership of the Crypto Fund. Establishment of Hown Ventures in 2022Under the management, the team of over $ 1.5 billion is investing from a brand-new fund that is now officially closed-he has been further free to convince his specific guilty about the future of money.

The jump of his own shingle was not complicated. A. In spite of its role in the 16 Z and the industrial connections that came with it, no publicly co-investigated after the two Early 2022Shortly after he launched his funds, and Han, who joined the Coinbase Board in 20 2017, removed it last year, when Mark Andresen, who took the seat of colleague Chris Dickson in 2021, was a director.

When asked on Wednesday night at the TechCrunch strike event about his relationship with Harovits, he recognized any potential friction and recognized that they were not exactly associates. “No gentleman’s agreement,” he said, “He echoed the editor’s question about whether there was any understanding to avoid competition with his former employer.” “In fact, I still talk to Andresen Horovits You’re you are right that we really didn’t make any deal late.”

The apparent deficiency of co-investment can reflect the challenges involved in direct competing with former colleagues in the Cutthrote Industry or Silicon Valley. Whatever the, Hown is now charting its own course, and StableClock is at its center, which is designed to maintain a stable value by paging on traditional -based property like the US dollar.

In contrast to Bitcoin or Etherium, which can burn the value wildly, stabbans like the USDC of the circle or USDT of Tether create a digital presentation of the traditional tidal coin that can go to blockchain networks.

In fact, fasting towards today, and the faith of the house in stablecalen shows the growing president. Stabolicines – which just exist in 2015 – now presents a quarter of the value of one trillion dollar. They have become the 14th largest holder of the US Treasury worldwide. It is reported that for the first time last year, the volume of Stabiline transactions Out Visa

“I think people looked at Stablin a few years ago, they thought, what is the value prop.” Hown said on Wednesday night. “You’ve asked me before. You said, ‘Why do I need a stabicon?’ And I said “I refer to it as a ” If it works for me it works for everyone ‘the problem.”

In reality, for most Americans, the existing financial system is reasonably well done. We have Venomo, bank account, credit card. Han, however, attracted the understanding of his prosecutor’s global financial system that he had long been aware that US experience was not universal.

In unstable coins or limited banking infrastructure, stabiline provides something unique, he argued that it was stable, dollars-dynaminated value immediately accessible to the pennies anywhere in the world. “Turkey’s people don’t think Tither as cryptocurrency,” he said on Wednesday, “They think Tither as money.”

The technology must have developed dramatically from that first debate. Stablecayans once spend $ 12 on sending internationally. And the circle says that its USDC Stabiline JP has been fully supported by one to one from one to one by dollars in JP Morgan Bank accounts and has been monitored by the Big Four accounting companies.

It is important to note that the circle and tether are committed to having enough reserves to support their tokens, opposite the Traditional Tahable banks, there is no insurance government protection behind these reserves. Nevertheless, the corporate world is taking notice in a big way.

Walmart and Amazon are The report has been explored of stablecayansSuch as Uber, Apple and other Goliath like AirBNB. The reason is the general economy. Stablecayans provide a way to remove the US dollar price using cryptocurrency railway instead of the traditional banking infrastructure, saving these retailers billions of processing fees to these retailers.

However the shift is worried about critics Economic chaosThe If large corporations can issue their own currency, what will happen to financial policies and banking control?

Anxiety is deepened only than economic disturbances. All stablecayans are not equally made and many are lacking backing and supervision that provide companies like circles. Su-controlled stables like USDCs are supported by the actual dollar of US Treasury Security, others work with less transparency or depending on complex algorithmic processes that have proved to be a risk of collapse. (Terrased has been the most spaceular crash until today, deleted $ 60 billion Nosedied when the value is)

Especially the anxiety of corruption recently when President Donald Trump’s family issued his own Stablecine, a step that highlighted the potential conflict of interest in an industry where political influence directly influence market value and regulatory results.

With the Congress Genius Act, the law debates the law, these concerns have become a major that will create a federal structure for stabben control. Bill Passage Earlier last week, the Democrats crossed the Line of 3 to support the Senate with bilateral support. It is now awaiting a house vote before reaching the president’s desk possible.

However, Senator Elizabeth Warren, a member of the Senate Banking Committee, was especially vocal among his opponents, called the law “.Superhayway for Donald Trump’s corruptionThe “His criticism focuses on a significant gap: although it forbids the members of the Congress and senior executive branch officials to issue stabben products, it says nothing about their family members.

When asked about Warren’s concerns on Wednesday night, Han practically turned his eyes. “I think it’s really irony that Elizabeth Warren or other Democrats who call this corruption are not running to pass the Crypto Act,” he said. “If there was a road rule in place [already]There was a structure, the protection, the key products and the consumer protection around it were clear rules. “

Han, whose initiative’s capital company has invested numerous stabiline (10 times for forwards for the revenue of 10 times), is basically supportive for this law, amazingly. However, he has a significant criticism: the ban on the bill -carrying stablecayans.

“I am not sure that the yield -carrying stabbles are a good idea for customers in the United States, but I’m not sure that the ban is a good idea,” he told the participants of the strikeclivis. The issue comes down from the interest earned in the Stabiline Reserves. Currently, that money goes to companies like circles and coinsbase. However, Han is wondering why customers do not get that yield, just like they are with savings account.

“If you have checked any of your savings account or account and you are getting yielding on it, you are interested,” he explained. “If you simply said, ‘No, the bank gets interest, you are not,’ and they are lending your money?”

Han was less short when the issue of any other Warren concern comes: If the talent is signed in the Act, then stables can become money laundering and terrorism financing.

“Criminals are a great beta tester of all technology,” said Han. “But this technology is very searchable, more looking for cash. The largest criminal material is the dollar bill.” (According to House, the Treasury Department testifies that 99.9% of money laundering offenses is not cryptocurrency, the Traditional Bank is successful using wires))

Meanwhile, he said that the regulators such as the Genius Act, which provides precision, can actually make the system safe by distinguishing between more experimental or risky variants, from a valid, well-supported stabiline.

In fact, the stabben ecosystem has seen more major changes as the ecosystem is mature. He imagines a future where all kinds of resources from money market funds to real estate to private credit are available – “tokenized” and 24/7 is provided in the global market.

“This is a digital presentation of a physical property,” he explains. “Blackrock, Franklin Templatton, they have already token to their money market funds that has already happened.”

According to the house, tokenized resources can democratic investment access in a similar way of how Netflix has democratized entertainment. Instead of being rich enough to meet minimum investment thresholds, someone with a smartphone can buy a fraction ownership of the Apple or Amazon part, for example.

Han said on Wednesday, “It is not just something inevitable. It is not imminent.” However, he is confident that the transformation is coming, driven by the same force that stabilons have succeeded: they are faster, cheap and more accessible than the Traditional Tirate options.

Looking back at the 2018 debate with Crugman, the diligence of the house seems to have stopped. A big question is not now whether digital dollars will re -shape the financial system, but probably more important, whether regulators can keep up with technology while addressing legal concerns about corruption, consumer protection and financial stability.

Han does not seem to be concerned. Critics point to the fact that stabicons represent only 2% of the global meaning by questioning their product-market fit, hueon sees it as a known technology-it is a one that has played repeatedly and often takes more time than imagine.

“We think it’s really the first day,” he told the crowd.