Crypto Long & Short: Inside the 300-to-1 onchain gap between the dollar and euro
Why now
Thesis: Onchain dollar-euro gap shows stablecoin infrastructure path dependency
Catalyst to watch: MiCA-regulated euro stablecoin issuance growth
Main risk: Shift in onchain balance may be gradual, not near-term
Why it matters
The dollar's dominance over the euro onchain versus offchain reflects path dependency in stablecoin infrastructure; MiCA-regulated euro issuance could gradually shift the balance.
Details
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.
Related assets & topics
CryptoDollarSources
- coindesk · 2026-09-09 14:58 UTC