Crypto Long & Short: Inside the 300-to-1 onchain gap between the dollar and euro
60-second summary
Ryan Connor of RockawayX reports the dollar outpaces the euro roughly three‑to‑one in off‑chain activity but exceeds 300‑to‑one on‑chain, with euro‑pegged stablecoins totaling €711 million—under 1 % of total supply. He attributes the disparity to path‑dependency and scarce euro DeFi infrastructure, noting that MiCA‑regulated issuance and emerging euro vault rails are beginning to narrow the gap, potentially reshaping market dynamics.
Ryan Connor of RockawayX writes that the dollar leads the euro about 3 to 1 across the offchain economy and more than 300 to 1 onchain. Euro-pegged stablecoins total €711 million, under 1% of supply. He traces the gap to path dependency and missing euro DeFi infrastructure, and argues MiCA-regulated issuance and euro vault rails are changing it.