The USDC's market capitalization is nearing an all-time high of $80 billion, which analysts say is related to capital outflows from the UAE.

USDC's circulating market capitalization has risen to approximately $79.2 billion, nearing its all-time high. The stablecoin's market capitalization has been steadily climbing since early February, when it was around $70 billion, and surpassed $75 billion earlier this month. Rami Al-Hashimi, who identifies himself as a Dubai analyst, links this surge in demand to capital outflows from the UAE. He states that current demand for USDC on Dubai's over-the-counter (OTC) platforms is struggling to meet demand, attributing this to the dramatic fluctuations 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 fallen from a recent high of approximately 16,800 points to approximately 11,516 points, a drop of about 31%. Al-Hashimi also stated that some property sellers have begun accepting cryptocurrency payments and are offering discounts of 5% to 10% to buyers paying with BTC. (Cointelegraph)