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📢【新聞標題】
The stablecoin evangelist: Katie Haun’s fight for digital dollars
穩定幣傳教士：凱蒂·豪恩為數位美元而戰
📰【摘要】
Katie Haun, a former federal prosecutor and early crypto investor, has been a long-time advocate for stablecoins. She debated Nobel laureate Paul Krugman on their potential in 2018. Despite challenges and criticisms, Haun believes stablecoins offer unique benefits, especially in countries with unstable currencies or limited banking infrastructure. As stablecoins gain traction, with major corporations exploring their use, Haun remains optimistic about their future role in democratizing access to investments and reshaping the financial system.
凱蒂·豪恩曾是聯邦檢察官和早期加密貨幣投資者，長期以來一直是穩定幣的倡導者。2018年，她與諾貝爾獎得主保羅·克魯格曼就穩定幣的潛力進行了辯論。儘管面臨挑戰和批評，豪恩認為穩定幣具有獨特的優勢，尤其是在貨幣不穩定或銀行基礎設施有限的國家。隨著穩定幣的普及，主要公司也在探索它們的用途，豪恩對它們在實現投資大眾化和重塑金融體系方面的未來作用仍然持樂觀態度。
🗝️【關鍵詞彙表】
📝 stablecoin (n.)
- 穩定幣
- 例句: “Stablecoins are really interesting and really important to this ecosystem tohedge against that volatility,”
- 翻譯: 「穩定幣非常有趣且對這個生態系統非常重要，可以對沖這種波動。」
📝 volatility (n.)
- 波動性
- 例句: As Krugman focused on Bitcoin’s wild price swings, Haun steeredthe conversation toward something else — stablecoins.“Stablecoins are really interesting and really important to this ecosystem tohedge against that volatility,”
- 翻譯: 當克魯格曼專注於比特幣的劇烈價格波動時，豪恩將對話轉向了其他方面——穩定幣。「穩定幣非常有趣且對這個生態系統非常重要，可以對沖這種波動。」
📝 pegged (v.)
- 釘住、與...掛鉤
- 例句: explaining how digitaltokens pegged to the U.S. dollar could offer the benefits of blockchaintechnology without the ups and downs of traditional cryptocurrencies.
- 翻譯: 解釋說，與美元掛鉤的數位代幣可以提供區塊鏈技術的優勢，而不會出現傳統加密貨幣的漲跌。
📝 advocate (n.)
- 倡導者
- 例句: Katie Haun, a former federal prosecutor and early crypto investor, has been a long-time advocate for stablecoins.
- 翻譯: 凱蒂·豪恩曾是聯邦檢察官和早期加密貨幣投資者，長期以來一直是穩定幣的倡導者。
📝 bipartisan (adj.)
- 兩黨的
- 例句: The bill passedthe Senate early last week with bipartisan support, with 14 Democrats crossingparty lines to support it.
- 翻譯: 該法案上週初在參議院獲得兩黨支持通過，有 14 名民主黨人跨越黨派界線支持該法案。
📝 legislation (n.)
- 立法
- 例句: Haun is largely supportive of the legislation, unsurprisingly.
- 翻譯: 毫無意外地，豪恩基本上支持這項立法。
📝 tokenized (adj.)
- 代幣化的
- 例句: She envisions a future where all kinds of assets — from moneymarket funds to real estate to private credit — get “tokenized” and madeavailable 24/7 to global markets.
- 翻譯: 她設想了一個未來，所有類型的資產——從貨幣市場基金到房地產再到私人信貸——都將被「代幣化」，並全天候向全球市場開放。
✍️【文法與句型】
📝 X is meant to V
- 說明: Expresses the intended purpose or design of something.
- 翻譯: X 的目的是...
- 例句: Unlike Bitcoin or Ethereum, which can swing wildly in value, stablecoins likeCircle’s USDC or Tether’s USDT are meant to trade at exactly $1, creating adigital representation of traditional currency that can move on blockchainnetworks.
- 翻譯: 與價值可能劇烈波動的比特幣或以太幣不同，Circle 的 USDC 或 Tether 的 USDT 等穩定幣旨在以 1 美元的價格交易，從而創建可在區塊鏈網路上移動的傳統貨幣的數位表示。
📝 come down to
- 說明: To be the most important aspect of a situation.
- 翻譯: 歸結為...
- 例句: The issue comes down to who profits from the interestearned on stablecoin reserves.
- 翻譯: 問題歸結於誰從穩定幣儲備金所賺取的利息中獲利。
📖【全文與翻譯】
In 2018, when Bitcoin was trading around $4,000 and most Americans, at least,thought cryptocurrency was a fad, Katie Haun found herself on a debate stage in Mexico City opposite PaulKrugman, the Nobel Prize-winning economist who had dismissed digital assets asnear worthless.
2018 年，當比特幣的交易價格約為 4,000 美元，並且至少大多數美國人認為加密貨幣只是一種時尚時，凱蒂·豪恩發現自己站在墨西哥城的一個辯論舞台上，對面是諾貝爾獎得主、經濟學家保羅·克魯格曼，他認為數位資產幾乎毫無價值。
As Krugman focused on Bitcoin’s wild price swings, Haun steeredthe conversation toward something else — stablecoins.
當克魯格曼專注於比特幣的劇烈價格波動時，豪恩將對話轉向了其他方面——穩定幣。
“Stablecoins are really interesting and really important to this ecosystem tohedge against that volatility,” she argued on stage, explaining how digitaltokens pegged to the U.S. dollar could offer the benefits of blockchaintechnology without the ups and downs of traditional cryptocurrencies.
「穩定幣非常有趣且對這個生態系統非常重要，可以對沖這種波動，」她在台上辯稱，解釋說，與美元掛鉤的數位代幣可以提供區塊鏈技術的優勢，而不會出現傳統加密貨幣的漲跌。
Krugman dismissed the idea entirely.
克魯格曼完全否定了這個想法。
It wasn’t exactly a turning point in Haun’s career, but it was one moment amongothers that have helped define it.
這並不是豪恩職業生涯中的一個轉捩點，但它是眾多有助於定義她職業生涯的時刻之一。
A former federal prosecutor who spent morethan a decade investigating financial crimes, including creating thegovernment’s first cryptocurrency task force and leading investigations into theMt. Gox hack and corrupt agents in the Silk Road case, Haun had an unusualbackground for a crypto champion.
豪恩曾是一名聯邦檢察官，花費十多年時間調查金融犯罪，包括創建政府的第一個加密貨幣工作組，並領導調查 Mt. Gox 駭客事件和絲綢之路案件中的腐敗特工，對於一位加密貨幣倡導者來說，豪恩擁有非同尋常的背景。
She wasn’t a libertarian ideologue or a techfounder.
她不是自由意志主義的空想家或科技創始人。
Coming instead from law enforcement, she understood the criminalpotential and legitimate uses of digital assets.
相反，她來自執法部門，她了解數位資產的犯罪潛力和合法用途。
By 2018, she had already made history as the first female partner at AndreessenHorowitz, where she co-led their crypto funds.
到 2018 年，她已經創造了歷史，成為 Andreessen Horowitz 的第一位女性合夥人，並在那裡共同領導了他們的加密貨幣基金。
Founding Haun Ventures in 2022,with more than $1.5 billion in assets under management — its team is nowinvesting from a brand-new set of funds that have yet to officially close — shehas been even more free to pursue her specific convictions about the future ofmoney.
2022 年創立 Haun Ventures，管理著超過 15 億美元的資產——其團隊現在正在從一套尚未正式結束的全新基金中進行投資——她可以更加自由地追求她對貨幣未來的具體信念。
The leap to hanging her own shingle hasn’t been without its complexities.
自己創業並非沒有複雜性。
Despite her role at a16z and the industry connections that came with it, the twohaven’t publicly co-invested in anything since early2022,shortly after she launched her fund, and Haun, who joined the board of Coinbasein 2017, stepped off it last year, while Marc Andreessen, who took colleagueChris Dixon’s seat in 2020, remains a director.
儘管她在 a16z 擔任職務以及隨之而來的行業聯繫，但自 2022 年初她推出基金後不久，兩者就沒有公開共同投資任何東西，並且豪恩於 2017 年加入 Coinbase 董事會，去年卸任，而馬克·安德森 (Marc Andreessen) 於 2020 年接替同事克里斯·迪克森 (Chris Dixon) 的席位，仍然是董事。
When asked Wednesday night at TechCrunch’s StrictlyVC event about herrelationship with Andreessen Horowitz, she downplayed any potential frictionwhile acknowledging they aren’t collaborators exactly.
當週三晚上在 TechCrunch 的 StrictlyVC 活動中被問及她與 Andreessen Horowitz 的關係時，她淡化了任何潛在的摩擦，同時承認他們並不是真正的合作者。
“There’s no ‘gentleman’sagreement,’” she said, echoing this editor’s question about whether there’s anyunderstanding to avoid competing with her former employer.
「沒有『君子協定』，」她說，回應了這位編輯關於是否達成了避免與她前雇主競爭的諒解的問題。
“In fact, I stilltalk to Andreessen Horowitz. You’re right that we haven’t really done any dealstogether of late.”
「事實上，我仍然與 Andreessen Horowitz 交談。你是對的，我們最近確實沒有一起做任何交易。」
The apparent lack of co-investment could reflect the cutthroat industry or thechallenges associated with leaving one of Silicon Valley’s most prominent firmsto compete directly with former colleagues.
明顯缺乏共同投資可能反映了競爭激烈的行業，或者離開矽谷最著名的公司之一與前同事直接競爭所帶來的挑戰。
Whatever the case, Haun is nowcharting her own course, and at the heart of it is stablecoins, which arecryptocurrencies designed to maintain a stable value by being pegged totraditional assets like the U.S. dollar.
無論如何，豪恩現在正在規劃自己的道路，而其核心是穩定幣，這是一種旨在通過與美元等傳統資產掛鉤來維持穩定價值的加密貨幣。
Unlike Bitcoin or Ethereum, which can swing wildly in value, stablecoins likeCircle’s USDC or Tether’s USDT are meant to trade at exactly $1, creating adigital representation of traditional currency that can move on blockchainnetworks.
與價值可能劇烈波動的比特幣或以太幣不同，Circle 的 USDC 或 Tether 的 USDT 等穩定幣旨在以 1 美元的價格交易，從而創建可在區塊鏈網路上移動的傳統貨幣的數位表示。
Indeed, fast-forward to today, and Haun’s belief in stablecoins looksincreasingly prescient.
事實上，快進到今天，豪恩對穩定幣的信念看起來越來越有先見之明。
Stablecoins — which barely existed in 2015 — nowrepresent a quarter of a trillion dollars in value.
穩定幣——在 2015 年幾乎不存在——現在代表著四分之一兆美元的價值。
They’ve become the 14thlargest holder of U.S. Treasuries globally.
它們已成為全球第 14 大美國國債持有者。
Reportedly, for the first time last year, stablecoin transaction volume exceededVisa’s.
據報導，去年穩定幣交易量首次超過了 Visa。
“I think people who looked at stablecoins a few years ago thought, what is thevalue prop?” Haun said Wednesday night.
「我認為幾年前關注穩定幣的人會想，價值主張是什麼？」豪恩週三晚上說。
“You’ve asked me this before. You said,‘Why do I need stablecoins?’ And I said, “I refer to this as an ‘If it works forme, it works for everyone’ problem.”
「你以前問過我這個問題。你說，『我為什麼需要穩定幣？』我說，「我將此稱為『如果對我有用，對大家都有用』的問題。」
In reality, for most Americans, the existing financial system works reasonablywell.
實際上，對於大多數美國人來說，現有的金融體系運作得相當好。
We have Venmo, bank accounts, credit cards.
我們有 Venmo、銀行帳戶、信用卡。
But Haun, drawing on herprosecutor’s understanding of global financial systems, says she has long beenaware that the U.S. experience isn’t universal.
但豪恩憑藉她作為檢察官對全球金融體系的理解，表示她早就意識到美國的經驗並非普遍適用。
In countries with unstable currencies or limited banking infrastructure,stablecoins offer something unique, she argues, which is instant access tostable, dollar-denominated value that can be sent anywhere in the world forpennies.
她認為，在貨幣不穩定或銀行基礎設施有限的國家/地區，穩定幣提供了一些獨特的東西，那就是可以立即訪問穩定的、以美元計價的價值，並且可以以極低的價格發送到世界任何地方。
“People in Turkey don’t think of Tether as a cryptocurrency,” she said Wednesday, “They think of Tether as money.”
「土耳其人並不認為 Tether 是一種加密貨幣，」她週三說，「他們認為 Tether 是錢。」
The technology has evolved dramatically since those early debates, certainly.
當然，自從早期的辯論以來，這項技術已經發生了巨大的變化。
Stablecoins once cost $12 to send internationally.
穩定幣曾經需要 12 美元才能進行國際匯款。
And Circle says its USDCstablecoin is fully backed one-to-one by dollars held in JP Morgan bank accountsand audited by Big Four accounting firms.
Circle 表示，其 USDC 穩定幣由摩根大通銀行帳戶中持有的美元一對一完全支持，並由四大會計師事務所審計。
Little wonder the corporate world is taking notice in a big way.
難怪企業界開始大規模關注。
Walmart andAmazon are reportedly exploring stablecoins,as are other goliaths like Uber, Apple, and Airbnb.
據報導，沃爾瑪和亞馬遜正在探索穩定幣，Uber、蘋果和 Airbnb 等其他巨頭也是如此。
The reason is simpleeconomics.
原因很簡單，就是經濟學。
Stablecoins provide a way to move the value of U.S. dollars usingcryptocurrency rails instead of traditional banking infrastructure, potentiallysaving these retail-heavy companies billions in processing fees.
穩定幣提供了一種使用加密貨幣軌道而不是傳統銀行基礎設施來轉移美元價值的方法，這可能會為這些零售密集型公司節省數十億美元的處理費用。
But the shift has critics worried about economic chaos.
但這種轉變讓批評者擔心經濟混亂。
While Circle and Tether are committed to having enough reserves to support theirtokens, unlike traditional banks, there’s no insured government protectionbehind these reserves.
雖然 Circle 和 Tether 致力於擁有足夠的儲備金來支持他們的代幣，但與傳統銀行不同，這些儲備金背後沒有保險的政府保護。
Relatedly, if major corporations can issue their owncurrencies, what happens to monetary policy and banking regulation?
同樣，如果主要公司可以發行自己的貨幣，貨幣政策和銀行監管會發生什麼變化？
The concerns run deeper than just economic disruption.
擔憂不僅僅是經濟混亂。
Not all stablecoins arecreated equal, and many lack the backing and oversight that companies likeCircle provide.
並非所有穩定幣都是相同的，許多穩定幣缺乏像 Circle 這樣的公司提供的支持和監督。
While well-regulated stablecoins like USDC are backed by actualdollars in U.S. Treasury securities, others operate with less transparency orrely on complex algorithmic mechanisms that have proven vulnerable to collapse.
雖然像 USDC 這樣受到良好監管的穩定幣以美國國債中的實際美元為後盾，但其他穩定幣的運作透明度較低，或者依賴於已被證明容易崩潰的複雜演算法機制。
(TerraUSD has had the most specular crash to date, wiping out $60 billionin value when it nosedived.)
（TerraUSD 迄今為止發生了最引人注目的崩潰，當它暴跌時，價值蒸發了 600 億美元。）
Corruption concerns in particular came into sharp focus recently when PresidentDonald Trump’s family issued its own stablecoin, a move that highlightedpotential conflicts of interest in an industry where political influence candirectly impact market value and regulatory outcomes.
最近，當唐納德·川普總統的家人發行了自己的穩定幣時，腐敗問題尤其引起了人們的關注，此舉凸顯了在政治影響力可以直接影響市場價值和監管結果的行業中，潛在的利益衝突。
These concerns came to a head as Congress debated the GENIUS Act, legislationthat would create a federal framework for stablecoin regulation.
隨著國會辯論《GENIUS 法案》，這些擔憂達到了頂峰，該法案將為穩定幣監管創建一個聯邦框架。
The bill passedthe Senate early last week with bipartisan support, with 14 Democrats crossingparty lines to support it.
該法案上週初在參議院獲得兩黨支持通過，有 14 名民主黨人跨越黨派界線支持該法案。
It now awaits a House vote before potentiallyreaching the president’s desk.
現在，該法案正在等待眾議院投票，然後才有可能送交總統簽署。
But Senator Elizabeth Warren, the ranking member on the Senate BankingCommittee, has been particularly vocal in her opposition, calling thelegislation a “superhighway for Donald Trump’s corruption.”
但參議院銀行委員會的高級成員伊麗莎白·華倫參議員特別大聲地表示反對，稱該立法為「唐納德·川普腐敗的超級高速公路」。
Her criticism centers on a notable gap in the bill: while it prohibits membersof Congress and senior executive branch officials from issuing stablecoinproducts, it says nothing about their family members.
她的批評集中在該法案中的一個顯著漏洞：雖然該法案禁止國會議員和高級行政部門官員發行穩定幣產品，但它對他們的家庭成員隻字未提。
Asked about Warren’s concerns on Wednesday night, Haun practically rolled hereyes.
當週三晚上被問及華倫的擔憂時，豪恩幾乎翻了白眼。
“I think it’s really ironic that Elizabeth Warren or other Democrats whodo call this corruption are not running to pass crypto legislation,” she said.
「我認為伊麗莎白·華倫或其他確實稱此為腐敗的民主黨人不競相通過加密貨幣立法，這真是具有諷刺意味，」她說。
“Had there been rules of the road in place [already], there would have been aframework, there would have been clear rules for what’s a security, what’s acommodity, and what are the consumer protections around that.”
「如果[已經]制定了規則，就會有一個框架，就會有明確的規則來界定什麼是證券、什麼是商品，以及圍繞它的消費者保護是什麼。」
Haun, whose venture capital firm has made numerous stablecoin investmentsincluding Bridge (acquired by Stripe for reportedly 10 times forward revenue),is largely supportive of the legislation, unsurprisingly.
豪恩的創投公司對穩定幣進行了大量投資，包括 Bridge（據報導以 10 倍的預期收入被 Stripe 收購），毫不奇怪，她基本上支持這項立法。
But she had onenotable criticism when asked what she doesn’t like about it: the bill’sprohibition on yield-bearing stablecoins.
但當被問及她不喜歡該法案的什麼時，她提出了一個值得注意的批評：該法案禁止產生收益的穩定幣。
“I’m not sure that yield-bearing stablecoins are a good idea for consumers inthe U.S., but I’m not sure that a prohibition is a good idea,” she toldStrictlyVC attendees.
「我不確定產生收益的穩定幣對美國消費者來說是個好主意，但我不確定禁止是個好主意，」她告訴 StrictlyVC 的與會者。
The issue comes down to who profits from the interestearned on stablecoin reserves.
問題歸結於誰從穩定幣儲備金所賺取的利息中獲利。
Currently, that money goes to companies likeCircle and Coinbase.
目前，這筆錢流向了 Circle 和 Coinbase 等公司。
But Haun wonders why consumers shouldn’t get that yield,just like they would with a savings account.
但豪恩想知道為什麼消費者不應該獲得那種收益，就像他們在儲蓄帳戶中獲得收益一樣。
“If you had a savings account or checking account and you’re getting yield onthat, you’re getting interest,” she explained.
「如果你有一個儲蓄帳戶或支票帳戶，並且你正在從中獲得收益，那麼你就是在獲得利息，」她解釋道。
“What if you just said, ‘No, thebank gets interest, not you,’ and they’re lending out your money?”
「如果你只是說，『不，銀行獲得利息，而不是你，』並且他們正在借出你的錢呢？」
Haun was less nuanced when it comes to another Warren concern: that if theGENIUS Act is signed into law, stablecoins could become a vehicle for moneylaundering and terrorism financing.
當談到華倫的另一個擔憂時，豪恩的措辭就不那麼委婉了：如果《GENIUS 法案》簽署成為法律，穩定幣可能會成為洗錢和恐怖主義融資的工具。
“Criminals are great beta testers of all technologies,” said Haun.
「罪犯是所有技術的出色 Beta 測試人員，」豪恩說。
“But thistechnology is highly traceable, way more traceable than cash.
「但這項技術具有高度可追蹤性，比現金更容易追蹤。
The largestcriminal instrument is the dollar bill.”
最大的犯罪工具是美元。」
(According to Haun, the TreasuryDepartment has testified that 99.9% of money laundering crimes succeed usingtraditional bank wires, not cryptocurrency.)
（根據豪恩的說法，財政部作證說，99.9% 的洗錢犯罪都是使用傳統銀行電匯而不是加密貨幣成功的。）
Meanwhile, she said, the regulatory clarity that legislation like the GENIUS Actprovides could actually make the system safer by distinguishing betweenlegitimate, well-backed stablecoins from more experimental or risky variants.
與此同時，她說，像《GENIUS 法案》這樣的立法所提供的監管明確性實際上可以通過區分合法的、有充分支持的穩定幣與更具實驗性或風險的變體來使系統更安全。
In fact, as the stablecoin ecosystem continues to mature, Haun sees even biggerchanges ahead.
事實上，隨著穩定幣生態系統的不斷成熟，豪恩預見到未來會發生更大的變化。
She envisions a future where all kinds of assets — from moneymarket funds to real estate to private credit — get “tokenized” and madeavailable 24/7 to global markets.
她設想了一個未來，所有類型的資產——從貨幣市場基金到房地產再到私人信貸——都將被「代幣化」，並全天候向全球市場開放。
“It’s just a digital representation of a physical asset,” she explains.
「這只是一種實體資產的數位表示，」她解釋道。
“BlackRock, Franklin Templeton, they’ve already tokenized their money marketfunds. That’s already happened.”
「貝萊德、富蘭克林·鄧普頓，他們已經將他們的貨幣市場基金代幣化了。這已經發生了。」
According to Haun, tokenized assets could democratize access to investments inways similar to how Netflix democratized entertainment.
根據豪恩的說法，代幣化資產可以像 Netflix 將娛樂大眾化一樣，將投資大眾化。
Instead of having to bewealthy enough to meet minimum investment thresholds, someone with $25 and asmartphone could buy fractional ownership in a share of Apple or Amazon, forexample.
例如，擁有 25 美元和一部智慧型手機的人可以購買蘋果或亞馬遜股票的部分所有權，而不必足夠富有才能達到最低投資門檻。
“Just because something’s inevitable doesn’t mean it’s imminent,” Haun said onWednesday.
「僅僅因為某件事是不可避免的，並不意味著它即將發生，」豪恩週三說。
But she’s confident the transformation is coming, driven by the sameforces that made stablecoins successful: they’re faster, cheaper, and, sheinsists, more accessible than traditional alternatives.
但她相信這種轉變即將到來，這得益於使穩定幣成功的同樣力量：它們比傳統替代方案更快、更便宜，而且她堅稱更易於訪問。
Looking back at that 2018 debate with Krugman, Haun’s persistence seems to havepaid off.
回顧 2018 年與克魯格曼的那場辯論，豪恩的堅持似乎得到了回報。
A major question now isn’t whether digital dollars will reshape thefinancial system but perhaps more importantly, whether regulators can keep pacewith the technology while addressing legitimate concerns about corruption,consumer protection, and financial stability.
現在的一個主要問題不是數位美元是否會重塑金融體系，而更重要的是，監管機構是否能夠跟上技術的步伐，同時解決對腐敗、消費者保護和金融穩定的合理擔憂。
Haun doesn’t seem concerned.
豪恩似乎並不擔心。
While critics point to the fact that stablecoinsrepresent just 2% of global payments, questioning their product-market fit, Haunbats away that concern, too.
雖然批評者指出穩定幣僅占全球支付的 2%，質疑其產品市場契合度，但豪恩也打消了這種擔憂。
Instead, she sees this as a familiar tech adoptionstory — one that has played out repeatedly and often takes longer than peopleinitially imagine.
相反，她認為這是一個熟悉的技術採用故事——一個反覆上演的故事，而且通常比人們最初想像的要花費更長的時間。
“We think it’s really early days,” she told the crowd.
「我們認為現在還處於早期階段，」她告訴大家。
🔗【資料來源】
文章連結：https://techcrunch.com/2025/06/22/the-stablecoin-evangelist-katie-hauns-fight-for-digital-dollars/