The market value of USDC is approaching a historical high of 80 billion USD, which analysts attribute to capital outflow from the UAE

The circulating market value of USDC has risen to about $79.2 billion, approaching its historical high. The market value of this stablecoin has continued to climb from about $70 billion in early February, surpassing $75 billion at the beginning of this month. Rami Al-Hashimi, who claims to be a Dubai analyst, associates this surge in demand with capital outflow from the UAE. He stated that the current demand for USDC on Dubai's over-the-counter (OTC) platforms is difficult to meet, attributing this to the severe fluctuations in the local real estate market.

According to him, property prices in Dubai have dropped by about 27% this month. TradingView data shows that the DFM Real Estate Index, which tracks listed real estate and construction companies in Dubai, has fallen from a recent high of about 16,800 points to around 11,516 points, a decline of about 31%. Al-Hashimi also mentioned that some property sellers have begun to accept cryptocurrency payments and are offering discounts of 5% to 10% to buyers who pay in BTC.