USDC Market Cap Nears $80B as UAE Capital Flight Drives Demand
USDC's market capitalization is approaching a record $80 billion, driven by investor demand linked to capital flight from the UAE.Summary
The market capitalization of the USDC stablecoin is nearing a record high of approximately $79.2 billion, according to CoinMarketCap data, following significant supply expansion in recent weeks. A Dubai-based analyst, Rami Al-Hashimi, suggests this surge is fueled by capital flight from the United Arab Emirates, as investors move funds out of traditional markets amid turmoil in Dubai's real estate sector, where property prices have reportedly fallen significantly.
Al-Hashimi noted that over-the-counter (OTC) desks in Dubai are struggling to meet the demand for USDC, and the situation has led some property sellers to accept direct payments in cryptocurrencies like Bitcoin, often offering discounts for such transactions. Furthermore, research from Mizuho indicates that USDC has recently surpassed Tether's USDT in adjusted transaction volume year-to-date, capturing about 64% of the combined share, although USDT remains significantly larger by overall market capitalization.
(Source：Cointelegraph)