According to ChainCatcher, citing Cointelegraph, the market capitalization of the USDC stablecoin is approaching an all-time high of $80 billion due to surging demand in the Middle East. This growth comes after billions of dollars more supply has been added in recent weeks.
The stablecoin's market capitalization was slightly above $70 billion in early February and $75 billion at the beginning of this month. Rami Al-Hashimi, an analyst who identifies himself as based in Dubai, said the surge is related to capital outflows from the UAE.
