I think our measure for Bitcoin dominance needs to change, primarily due to two factors:
1. Stablecoins and other tokens representing real-world assets
2. "Equity tokens" that tokenise ownership in a company or DAO

In both cases, these are not attempting to compete with Bitcoin on being hard money at all, they are a totally different type of asset, and we should expect and even want them to grow. It is a sign of Bitcoin winning as it becomes the reserve currency for a crypto-based economy.

An exchange like Coinbase could choose to tokenise all their customers dollars and overnight completely change the size of their USDC "coin". The reality would be that nothing had changed.