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USDC's market value is approaching its historical high of 80 billion USD, with analysts attributing this to capital outflow from the UAE
According to Cointelegraph, the circulating market value of USDC has risen to about $79.2 billion, nearing its historical high. The market value of this stablecoin has continued to climb from about $70 billion in early February, breaking through $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 outflows 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. Data from TradingView 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.
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