USDC market cap approaches $80 billion all-time high, analysts say it's related to capital outflows from the UAE

Odaily reported that the circulating market cap of USDC has risen to approximately 79.2 billions USD, approaching its historical high. The stablecoin's market cap has been steadily climbing from around 70 billions USD at the beginning of February, surpassing 75 billions USD earlier this month.

Rami Al-Hashimi, who claims to be a Dubai-based analyst, linked this surge in demand to capital outflows from the UAE. He stated that current USDC demand on Dubai OTC platforms is difficult to meet, attributing this to the sharp volatility in the local real estate market. According to him, Dubai property prices have dropped by about 27% this month. TradingView data shows that the DFM Real Estate Index, which tracks Dubai-listed real estate and construction companies, has fallen from a recent high of around 16,800 points to about 11,516 points, a decline of roughly 31%. Al-Hashimi also noted that some property sellers have started accepting cryptocurrency payments and are offering buyers who pay with BTC a discount of 5% to 10%. (Cointelegraph)