euro stablecoins are only 0.25% of the stablecoin market. $768M of euro stablecoins onchain vs. $306.5B of dollar ones. that's around 400 dollars for every euro. the share has barely moved, staying between 0.15% and 0.27% since jan. 2024. today @qivaliseu, a group of 37 european banks including BNP Paribas, ING, and BBVA, got a dutch e-money license to issue a euro stablecoin. licenses were never the bottleneck tho -- MiCA has allowed euro stablecoins since mid-2024. the hard part is demand as onchain trading, lending, and payments are mostly run in dollars. 37 banks bring distribution, so this is the first serious test of euro demand onchain. if the share doesn't move, the dollar's lead onchain is deeper than it looks.