ChainCatcher report: The circulating market cap of USDC has risen to approximately $79.2 billion, nearing its historical high. The stablecoin’s market cap has been steadily increasing since early February, when it was around $70 billion, and surpassed $75 billion at the beginning of this month. Rami Al-Hashimi, who identifies as a Dubai-based analyst, attributes this surge in demand to capital outflows from the UAE. He states that current OTC demand for USDC in Dubai has outstripped supply, linking it to sharp volatility in the local real estate market. According to him, Dubai property prices have dropped by approximately 27% this month. TradingView data shows that the DFM Real Estate Index, which tracks listed real estate and construction firms in Dubai, has fallen from a recent high of around 16,800 points to approximately 11,516 points—a decline of about 31%. Al-Hashimi also notes that some property sellers have begun accepting cryptocurrency payments and are offering discounts of 5% to 10% to buyers paying in BTC.
USDC market cap approaches $80 billion amid capital outflow from the UAE
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Summary
Market trends show USDC’s circulating market cap has risen to $79.2 billion, nearing its all-time high. The stablecoin’s value has grown from $70 billion in early February to $75 billion this month. A market update from Dubai-based analyst Rami Al-Hashimi attributes the increase to capital outflows from the UAE, spurred by a 31% decline in the DFM real estate index. Some Dubai property sellers now accept BTC, offering discounts of 5% to 10%.
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