, there would have been a framework, there would have been clear rules for what’s a security, what’s a commodity, and what are the consumer protections around that.”
Haun, whose venture capital firm has made numerous stablecoin investments including Bridge (acquired by Stripe for reportedly 10 times forward revenue), is largely supportive of the legislation, unsurprisingly. But she had one notable criticism when asked what she doesn’t like about it: the bill’s prohibition on yield-bearing stablecoins.
“I’m not sure that yield-bearing stablecoins are a good idea for consumers in the U.S., but I’m not sure that a prohibition is a good idea,” she told StrictlyVC attendees. The issue comes down to who profits from the interest earned on stablecoin reserves. Currently, that money goes to companies like Circle and Coinbase. But Haun wonders why consumers shouldn’t get that yield, just like they would with a savings account.
“If you had a savings account or checking account and you’re getting yield on that, you’re getting interest,” she explained. “What if you just said, ‘No, the bank gets interest, not you,’ and they’re lending out your money?”
Haun was less nuanced when it comes to another Warren concern: that if the GENIUS Act is signed into law, stablecoins could become a vehicle for money laundering and terrorism financing.
“Criminals are great beta testers of all technologies,” said Haun. “But this technology is highly traceable, way more traceable than cash. The largest criminal instrument is the dollar bill.” (According to Haun, the Treasury Department has testified that 99.9% of money laundering crimes succeed using traditional bank wires, not cryptocurrency.)
Meanwhile, she said, the regulatory clarity that legislation like the GENIUS Act provides could actually make the system safer by distinguishing between legitimate, well-backed stablecoins from more experimental or risky variants.
In fact, as the stablecoin ecosystem continues to mature, Haun sees even bigger changes ahead. She envisions a future where all kinds of assets — from money market funds to real estate to private credit — get “tokenized” and made available 24/7 to global markets.
“It’s just a digital representation of a physical asset,” she explains. “BlackRock, Franklin Templeton, they’ve already tokenized their money market funds. That’s already happened.”
According to Haun, tokenized assets could democratize access to investments in ways similar to how Netflix democratized entertainment. Instead of having to be wealthy enough to meet minimum investment thresholds, someone with $25 and a smartphone could buy fractional ownership in a share of Apple or Amazon, for example.
“Just because something’s inevitable doesn’t mean it’s imminent,” Haun said on Wednesday. But she’s confident the transformation is coming, driven by the same forces that made stablecoins successful: they’re faster, cheaper, and, she insists, more accessible than traditional alternatives.
Looking back at that 2018 debate with Krugman, Haun’s persistence seems to have paid off. A major question now isn’t whether digital dollars will reshape the financial system but perhaps more importantly, whether regulators can keep pace with the technology while addressing legitimate concerns about corruption, consumer protection, and financial stability.
Haun doesn’t seem concerned. While critics point to the fact that stablecoins represent just 2% of global payments, questioning their product-market fit, Haun bats away that concern, too. Instead, she sees this as a familiar tech adoption story — one that has played out repeatedly and often takes longer than people initially imagine.
“We think it’s really early days,” she told the crowd.
If you’re curious to learn more about what Haun had to say this past week, you can check out our full conversation below:
