Ryan Connor of RockawayX says the dollar’s lead over the euro looks very different depending on where activity is measured. In the offchain economy, he puts the gap at roughly 3 to 1. Onchain, that imbalance widens to more than 300 to 1. Connor notes that euro-pegged stablecoins amount to €711 million in total, representing less than 1% of overall stablecoin supply. He attributes the wide onchain gap to path dependency and the lack of euro-denominated DeFi infrastructure. At the same time, he argues that the picture is starting to shift as issuance under Europe’s Markets in Crypto-Assets regulation, or MiCA, comes online and euro vault rails begin to develop. The argument points to a structural divide between traditional currency usage and crypto-native liquidity, with the euro still struggling to build the market plumbing that the dollar already has.
Ryan Connor of RockawayX says the dollar leads the euro by about 3 to 1 in the offchain economy, but by more than 300 to 1 onchain.
He writes that euro-pegged stablecoins total €711 million, accounting for less than 1% of stablecoin supply.
Connor links the gap to path dependency and missing euro DeFi infrastructure. He also argues that MiCA-regulated issuance and euro vault rails are starting to change that picture.
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