Geopolitical tensions drive surge in Dubai's stablecoin demand; USDC supply rises $2.36 billion in a week

Chainthink

Release Time: 03/12/2026 01:30:50

USDC

$0.99990%

Summary

On-chain data from Dubai shows a surge in stablecoin demand amid rising geopolitical tensions. OTC desks are receiving a flood of inquiries for USDC as bank transfers slow. DefiLlama data reveals a 3.03% increase in USDC supply—$2.36 billion—over one week. Inflation data continues to drive on-chain activity, with large transfers moving to the blockchain.

ChainThink reports that on March 12, according to local sources in the UAE, @rami_hashimi, geopolitical tensions have led to a sharp surge in demand for stablecoins in Dubai, with "OTC counters overflowing with people inquiring about USDC."

Sources say that due to inefficient bank wire transfers in the region, large sums of money have shifted to on-chain movement.

According to DefiLlama data, the USDC supply increased by 3.03% over the past week, equivalent to approximately $2.36 billion.

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