Stablecoins at ~16% of crypto market cap (coinmarketcap.com)

Stablecoins (USDT, USDC, and BUSD) are at ~16% of crypto market cap, up from ~6% at the start of 2021 and ~3% at the start of 2022

Here is another useful link for analyzing the relationship between total market cap over time and stablecoin market cap over time.

https://btctools.io/stats/market-cap

case in point why CBDC will likely dominate the "market cap" longterm?

"market cap" because we don't think of fiat that way, more as "amount in circulation"