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Onchain euro stablecoin use lags, with USD dominance over 300-to-1

CoinDesk notes euro-pegged stablecoins total €711 million, under 1% of total stablecoin supply in dollar terms, while euro vault AUM in DeFi rose from about €12 million to €135 million.

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CoinDesk reports that USD use dwarfs euro usage in crypto markets, with the dollar leading the euro by roughly 3 to 1 offchain, but by more than 300 to 1 onchain.

The analysis highlights that all euro-pegged stablecoins sum to €711 million, which is less than 1% of total stablecoin supply when measured in dollar terms, even as euro stablecoin activity is described as rapidly growing.

CoinDesk also points to euro vault growth in DeFi, saying euro vault AUM increased from about €12 million a year ago to €135 million today, though it still represents 2.4% of total vault AUM.

The outlet attributes the onchain gap to historical path dependency and a lack of euro-denominated DeFi infrastructure, arguing that MiCA-regulated issuance and euro vault rails are beginning to change the picture.

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