According to Odaily Odaily, the circulating market capitalization of USDC 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 USDC demand on Dubai's over-the-counter (OTC) trading platforms is struggling to meet demand, attributing this to the sharp 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 Property 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 in BTC. (Cointelegraph)
