Written by: Connie Loizos, TechCrunch
Translated by: Luffy, Foresight News
In 2018, when Bitcoin was fluctuating around $4,000 and most Americans still considered cryptocurrency a short-term trend, Katie Haun engaged in a debate with Nobel Prize-winning economist Paul Krugman in Mexico City. Krugman's focus was on Bitcoin's extreme price volatility, while Haun shifted the conversation to another area: stablecoins.
[The rest of the translation continues in the same professional manner, maintaining the original meaning and tone while translating to English.]When it comes to Warren's other concern, Haun's statement was less ambiguous: if the GENIUS Act is signed into law, stablecoins could become a tool for money laundering and terrorist financing.
"Criminals are excellent beta testers for all technologies," Haun said. "But this technology is highly traceable and easier to track than cash. The biggest criminal tool is US dollar bills." According to Haun, the Treasury has confirmed that 99.9% of money laundering crimes are conducted through traditional bank wire transfers, not cryptocurrencies.
Meanwhile, she stated that the regulatory clarity provided by legislation like the GENIUS Act can actually make the system safer by distinguishing between legitimate, well-supported stablecoins and more experimental or risky variants.
In fact, as the stablecoin ecosystem continues to mature, Haun foresees even greater changes in the future. She envisions that various assets, from money market funds to real estate and private credit, will be "tokenized" and circulate 24/7 in global markets.
"This is just a digital manifestation of physical assets," she explained. "BlackRock, Franklin Templeton, they have already tokenized money market funds. This has already happened."
Haun believes that tokenized assets can democratize investment channels just as Netflix democratized entertainment. For example, without needing to be wealthy enough to meet minimum investment thresholds, one could buy shares of Apple or Amazon for just $25 and a smartphone.
"Just because something is inevitable doesn't mean it's happening right now," Haun said on Wednesday. But she believes this transformation is imminent, driven by the same forces that made stablecoins successful: they are faster, cheaper, and, she insists, more accessible than traditional alternatives.
Looking back at her 2018 debate with Krugman, Haun's persistence seems to have been rewarded. The main question now is not whether digital dollars will reshape the financial system, but perhaps more importantly, whether regulators can keep pace with technology while addressing legitimate concerns about corruption, consumer protection, and financial stability.
Haun doesn't seem worried. Despite critics pointing out that stablecoins account for only 2% of global payment volume and questioning its product-market fit, Haun dismisses these concerns. Instead, she sees this as a typical technology adoption story: a narrative that repeats itself and often lasts longer than people initially imagine.
She told the audience, "We think it's too early right now."
