USDC Market Cap Approaches $80 Billion Historical High, Analysts Link to UAE Capital Outflows

Odaily News USDC's circulating market cap has risen to approximately $79.2 billion, nearing its historical peak. The stablecoin's market cap has been climbing steadily from around $70 billion in early February, surpassing $75 billion earlier this month.

Rami Al-Hashimi, a self-proclaimed Dubai-based analyst, links this surge in demand to capital outflows from the UAE. He stated that the current demand for USDC on Dubai's over-the-counter (OTC) platforms is difficult to meet, attributing this to significant volatility in the local real estate market. According to him, Dubai property prices have fallen by approximately 27% this month. TradingView data shows that the DFM Real Estate Index, which tracks listed real estate and construction companies in Dubai, has dropped from a recent high of around 16,800 points to about 11,516 points, a decline of roughly 31%. Al-Hashimi also mentioned that some property sellers have begun accepting cryptocurrency payments and are offering discounts of 5% to 10% to buyers paying with BTC. (Cointelegraph)