USDC Market Cap Approaches $80 Billion as Demand Surges in the UAE

The market capitalization of USD Coin is approaching a record level near $80 billion as demand for the dollar-pegged digital asset accelerates in the Middle East. Data from CoinMarketCap shows USDC’s circulating supply has climbed to around $79.2 billion, surpassing its previous high recorded late last year.

The stablecoin’s supply has expanded sharply in recent weeks, rising from just above $70 billion in early February and reaching roughly $75 billion earlier this month before moving closer to the new milestone.

Capital Flight Linked to UAE Market Turmoil

Market observers say the surge reflects growing demand from investors seeking alternatives to traditional markets. Dubai-based analyst Rami Al-Hashimi suggested the trend may be tied to capital flight from the United Arab Emirates as economic uncertainty grows.

According to the analysis, falling property prices in Dubai have pushed some investors toward digital assets. Data indicates the DFM Real Estate Index has dropped significantly in recent weeks, signaling pressure across the property sector.

Stablecoin Activity Shifts Toward USDC

Research from Mizuho also indicates USDC has recently surpassed Tether in adjusted transaction volume for the first time since 2019, though USDT remains the largest stablecoin by market capitalization.

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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.