According to Cointelegraph, 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 stood at around $70 billion, and surpassed $75 billion at the beginning of this month. Rami Al-Hashimi, identifying himself as a Dubai-based analyst, linked this surge in demand to capital outflows from the UAE. He stated that current demand for USDC on Dubai’s over-the-counter (OTC) platforms has outstripped supply, attributing this 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 noted 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 $80B as analyst ties growth to UAE capital outflows
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Summary
USDC’s market cap reached $79.2 billion, nearing its all-time high. The stablecoin’s value has risen from $70 billion in early February, surpassing $75 billion this month. Dubai analyst Rami Al-Hashimi attributes the growth to capital outflows from the UAE, as the DFM real estate index dropped 31% from its peak. Some Dubai property sellers now accept BTC, offering 5%–10% discounts. ETF outflows in the region have also accelerated. Altcoins to watch may benefit from this trend.
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