Crypto Long & Short: Inside the 300-to-1 onchain gap between the dollar and euro
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
Source: CoinDesk
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DW NOTE
The dollar-euro gap onchain isn't path dependency — it's regulatory clarity. The US let stablecoins proliferate under ambiguous rules while Europe spent five years drafting MiCA. By the time Brussels published a framework, $150 billion in dollar stablecoins had already embedded themselves in DeFi plumbing. You can't bootstrap liquidity against a compliance regime that didn't exist when the infrastructure was built.