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 the stock markets have recently been moving rather sideways, we are taking this opportunity to direct our focus to a topic that goes beyond daily market events. In this issue, we would like to introduce you to a topic that is gaining importance and could sustainably change the financial world: Stablecoins – digital dollars. Perhaps you have already come across this term. But what exactly is behind it, and why could it become so important for the future of money?
A stablecoin is a digital currency whose value is pegged to an existing currency – mainly the US dollar. That means: 1 digital dollar = 1 real dollar. This allows payments to be processed cost-effectively and worldwide, 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 around the clock, anywhere in the world.
For many people, stablecoins are not a technological plaything, but a practical aid: in countries with high inflation they secure purchasing power, transfers abroad become cheaper and faster – and even without a traditional bank account, you can become part of the global financial world using a smartphone.
Thus, stablecoins offer millions of people worldwide greater security, freedom, and participation.
Why the US is actively promoting 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 legislation to regulate stablecoins.
The connection with public finances is obvious: every newly created digital US dollar (stablecoin) is backed to about 65% by US Treasury bonds. This means: the more stablecoins are used, the more the demand for US Treasuries increases – and thus the financing costs for the government decrease. Stablecoins already make a measurable contribution to financing US debt today. 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 provider (USDT), now holds over 127 billion US dollars in US Treasury bonds – making the company already one of the largest private buyers of these securities worldwide. Together with another major provider, Circle (USDC), stablecoin issuers hold over 182 billion dollars in US Treasuries. (Figures as of 10.09.2025)
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 importance. Although the European Central Bank is working on the digital euro, the project is progressing slowly compared to the American initiatives. As a result, Europe risks falling behind in the race for the digital future of money.
Why we believe Ethereum is important
Since the majority of stablecoins run on the Ethereum blockchain, Ethereum has become the preferred network. If stablecoins continue to grow – and there are many indications that they will (Citigroup estimates that the market for stablecoins will grow from $260 billion to $1.3 trillion 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 works in the background to ensure 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 – that is, 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 migrating directly to the blockchain, driven by innovations in tokenization and the growing importance of stablecoins.
Our conclusion
Stablecoins are far more than a niche topic. They combine digital innovation with the stability of traditional currencies, strengthen the power of the US 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 upon 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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