Crypto Long & Short: Inside the 300-to-1 onchain gap between the dollar and euro

Ryan Connor of RockawayX reports that the dollar dominates the offchain economy over the euro by approximately 3 to 1, but this ratio widens dramatically to over 300 to 1 onchain. The total euro-pegged stablecoins amount to €711 million, representing less than 1% of the total supply. The substantial onchain gap is traced back to path dependency and the lack of comprehensive euro DeFi infrastructure. However, recent regulatory and infrastructural developments, including MiCA-regulated issuance and euro vault rails, are poised to alter this landscape. These initiatives aim to foster greater euro adoption and integration within the decentralized finance ecosystem, potentially narrowing the valuation gap over time.