Crypto Long & Short: Analyzing the 300-to-1 Onchain Gap Between Dollar and Euro

Ryan Connor of RockawayX reports that the U.S. dollar dominates the euro by a 3-to-1 ratio in the offchain economy and over 300-to-1 onchain. Euro-pegged stablecoins currently account for less than 1% of total supply at €711 million. Connor attributes this disparity to path dependency and a lack of euro-denominated DeFi infrastructure, noting that MiCA-regulated issuance and new euro vault rails are beginning to shift the landscape.