On March 14, according to DefiLlama data, the total market capitalization of stablecoins across the network was $315.9 billion, up 0.93% in the past week. Among them, USDC's market capitalization is approaching its historical high of $80 billion, with a market share of approximately 25%.
Dubai analyst Rami Al-Hashimi links this surge in demand to capital outflows from the UAE. Dubai property prices have fallen by about 27% this month, and the DFM Property Index, which tracks listed real estate and construction companies in Dubai, has dropped from a recent high of around 16,800 points to around 11,516 points, a decline of about 31%. Demand for USDC on Dubai's over-the-counter (OTC) platforms is currently difficult to meet, and some property sellers have begun accepting cryptocurrency payments, offering discounts of 5% to 10% to buyers paying in BTC.
