Haun Ventures raises $1B for 'new economy' fund focused on stablecoins, tokenized assets, and agentic finance

Haun Ventures raises $1B for stablecoins, tokenized assets, and agentic finance

Haun Ventures is closing a $1 billion fund four years after its launch, backed by roughly 35 global institutional investors. Katie Haun frames the raise around three structural shifts she calls the "new economy": new financial rails, new tokenized assets and markets, and what she describes as the agentic future at the intersection of AI and crypto.

New financial rails

The rails thesis is illustrated by portfolio company Erebor, a bank that opened on a Sunday, operates 24/7, and is global from day one. Haun's argument is that the old constraints of banker's hours and wire cutoff times are simply gone.

“We're excited to have a billion dollars in fresh funds to deploy... The first structural shift is new financial rails and infrastructure. The second structural shift we're seeing are new assets and markets. It started as stablecoins, but it's quickly we're now talking about tokenizing the stock market. And then the third structural shift is what we're calling the agentic future — where AI and crypto intersect... stablecoins are about to surpass the combined transaction volume of Visa and Mastercard.”

Tokenized assets and markets

Stablecoin skepticism doesn't land with Haun. She points to double-digit trillions of dollars in stablecoin transaction volume, a technology that didn't exist ten years ago and is on pace to surpass the combined transaction volume of Visa and Mastercard. The clearest proof point she cites: Mastercard's $1.8 billion acquisition of TBNK, a Haun portfolio company and the third-largest acquisition in Mastercard's history.

She extends the tokenization argument beyond dollars. Tokenizing stocks is already underway via BlackRock, Coinbase, and Robinhood, and she expects financial products broadly to migrate on-chain over the coming decades, stopping short of claiming all physical assets will follow.

Prediction markets

Haun sees prediction markets as still early. The original thesis, Augur in 2016, failed because the stablecoin infrastructure didn't yet exist to support it. Polymarket and its peers now have that infrastructure. Haun doesn't currently have a prediction market bet in the new fund but expects to make one, with particular interest in enterprise use cases: insurance, litigation forecasting, drug trial risk, and institutional hedging. The regulatory picture is the live tension. Platforms are pushing for federal preemption from a CFTC that is currently friendly to the category, but Haun notes the obvious risk: a different CFTC chair could make that preemption a trap. "You could win the battle but lose the war."

Agentic finance

The third thesis is the earliest and, by her own characterization, the most speculative. Haun's view is that crypto rails are better suited for AI agent payments than credit cards because agents operate around the clock, globally, at micropayment scale, and need instant settlement and finality. She references the Collison brothers' framing on token theft and 30-day billing cycles as a problem that streaming, crypto-native payments solve cleanly.

Beyond payments, she points to three areas where cryptographic tools fit the AI world: provenance (blockchains are well-suited to proving the origin of AI-generated content), privacy (zero-knowledge proofs as a potential solution as agents accelerate data exposure), and reputation systems. Visa's Chief Product Officer, she notes, has called the coming decade for agentic finance one of the most interesting periods ahead.

The fund's bet is that these three shifts converge. Whether agents transact over crypto rails at meaningful scale within the fund's ten-year horizon is the core question still unanswered.