Stablecoins are not just the tokenization of fiat currency; they are programmable money. Fiat-backed stablecoins will eventually become a more efficient shadow layer of traditional fiat, with a market cap potentially reaching 20% or more of traditional fiat ($20 trillion). If Ethereum can carry a 30% share in the future (being conservative, dropping from the current 50-60% to nearly half), that would still be a very considerable scale.