And 200k/7M is 2.8%, wich isn't insignificant if you consider that the external market debt ratio is around 0.5%-2% over 10%.
The 2% (over cap) is a percentage of the total Steem market cap not of the amount of SBD, so these are different numbers. In fact about 20% of SBD needs to go away to get back to the cap and SPS is only 2.8% of SBD.
RE: How SBD peg actually works OR How the @sbdpotato conversions won't affect SBD price