I know market cap isn’t sensible for coins with varying values, but for stablecoins equal to $1 market cap is supposed to be the number of tokens in circulation

I know market cap isn’t sensible for coins with varying values, but for stablecoins equal to $1 market cap is supposed to be the number of tokens in circulation and therefore should be close to reserves. Number of reserves is its own issue but only having 0.1% reserves is miniscule.