Dollar dominance over the euro stretches from 3:1 offchain to more than 300:1 onchain

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.