Euro Stablecoins Face a 300-to-1 Onchain Gap With the Dollar

The dollar’s lead over the euro is far wider in crypto markets than in the broader economy, according to Ryan Connor of RockawayX, writing for CoinDesk. The dollar is used about three times as much as the euro across the offchain economy, but the onchain gap exceeds 300 to 1. Euro-pegged stablecoins have a combined value of €711 million, representing less than 1% of the stablecoin supply. Connor attributes the disparity to path dependency and the lack of euro-focused decentralized finance infrastructure. He also says the market is beginning to change as MiCA-regulated euro stablecoin issuance develops alongside euro-denominated vault rails. The analysis highlights the limited onchain presence of the euro and the infrastructure changes that could support broader use of euro-based digital assets.