Technology in Transition
T&V Letter Q3 2025
Artificial intelligence is changing how we work. Stablecoins are changing how money can be used and moved globally. Both developments show that technological innovation does not just affect individual industries, but reorganizes entire systems.
Insight
AI will transform work, but history shows: productivity boosts rarely just destroy jobs, they also create new demand.
The head of the AI company Anthropic, Dario Amodei, warns: artificial intelligence could cause up to 20% unemployment in the coming years. Microsoft and Amazon have already cut jobs. The concern sounds plausible – but a look into the past shows a different picture. Whenever new technologies disrupted the job market, certain jobs disappeared, but at the same time, new activities were created.
This pattern is called the Jevons paradox: efficiency gains do not necessarily lead to less work, but often to more economic activity. For example: typewriters and later computers made many secretarial tasks redundant. However, they also laid the foundation for entirely new industries – from software and IT support to digital marketing. Overall employment did not collapse; it just shifted.
The same applies to AI: if companies save costs thanks to automation, they can initiate projects that were previously not profitable. New products, services, or entire business models become possible. Yes, simple tasks may disappear – but additional professional fields will emerge elsewhere.
For investors, the crucial point is: technology rarely causes permanent mass unemployment, but rather change. Artificial intelligence is likely to increase productivity and prosperity, boost purchasing power, and create new demand. Companies that position themselves wisely early on can benefit twice over – through efficiency gains and through opportunities in newly emerging markets.
NEWSLETTER
Dear Reader
Since stock markets have recently trended rather sideways, we take this opportunity to direct attention to a topic that goes beyond daily market activity. In this issue, we would like to bring to your attention a topic that is gaining in importance and could sustainably change the financial world: stablecoins – digital dollars. Perhaps you have already come across this term. But what exactly lies behind it, and why could it become so important for the future of money?
What is a stablecoin?
A stablecoin is a digital currency whose value is firmly pegged to an existing currency – mainly the US dollar. This means: 1 digital dollar = 1 real dollar. This allows payments to be processed cost-effectively and globally without having to fear the price fluctuations associated with Bitcoin. Stablecoins combine the flexibility and accessibility of cryptocurrencies with the reliability of traditional currencies – and can be used 24/7, anywhere in the world.
What consumers value about stablecoins
For many people, stablecoins are not a technological toy, but a practical aid: in countries with high inflation, they safeguard purchasing power, money transfers abroad become cheaper and faster – and even without a traditional bank account, one can become part of the global financial world with a smartphone. In this way, stablecoins open up greater security, freedom, and participation for millions of people worldwide.
Why the USA actively promotes stablecoins
The USA views stablecoins as a key instrument to secure its global financial power – and at the same time to finance its government spending. The US government has even introduced its own bill to regulate stablecoins for this purpose.
The connection with public finances is obvious: each newly created digital US dollar (stablecoin) is backed by around 65% in US Treasury bonds. This means: the more stablecoins are used, the stronger the demand for US Treasuries rises – and thus the financing costs for the state fall. Today, stablecoins already make a measurable contribution to financing US debt. They are not only a modern means of payment, but also a powerful instrument for securing the dominance of the dollar.
Tether, the largest stablecoin issuer (USDT), now holds over 127 billion US dollars in US government bonds – making the company already one of the largest private buyers of these securities worldwide. Together with another major issuer, Circle (USDC), stablecoin issuers hold over 182 billion dollars in US Treasuries. (Figures as of 10.09.2025)
Europe watches with concern
In Europe, this development is being watched with growing concern, as capital could flow from Europe towards the USA – especially if digital dollars continue to gain in importance. Although the European Central Bank is working on the digital euro, the project is making slow progress compared to the American initiatives. As a result, Europe is in danger of falling behind in the race for the digital future of money.
Why we consider Ethereum important
Since the majority of stablecoins run on the Ethereum blockchain, Ethereum has developed into the preferred network. If stablecoins continue to grow – and many signs point to this (Citigroup estimates that the market for stablecoins will grow from $260 billion to $1,300 billion by 2030) – this automatically strengthens the importance of Ethereum.
For us, this is a crucial point: Ethereum is not just "a cryptocurrency," but an infrastructure that in the background ensures that millions of transactions function reliably every day. Stablecoins are a concrete example of how Ethereum creates real utility.
Industry observers like Tom Lee, Chairman of BitMine, already see stablecoins as the "ChatGPT story" of the crypto world – meaning the application that achieves the major breakthrough and makes the technology tangible for millions of people. At the same time, more and more applications and financial transactions are moving directly to the blockchain, driven by innovations in tokenization and the growing importance of stablecoins.
Our conclusion
Stablecoins are much more than a niche topic. They combine digital innovation with the stability of traditional currencies, strengthen the power of the USA and facilitate its financing – and they give us clear reasons to hold Ethereum as an important building block of our strategy in the long term.
Stablecoins have the potential to mark the beginning of a new phase in the financial system – and Ethereum forms the foundation on which this development is built.
As always, we thank you for the trust placed in us!
*This communication is for informational purposes only and does not constitute a personal recommendation or an independent financial analysis.
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