Dollar stablecoin USDC’s market capitalisation is nearing $80 billion and has hit a record high, Cointelegraph reported on Friday.
According to CoinMarketCap, USDC circulation rose to about $79.2 billion, exceeding $79.0 billion in December last year. Supply has increased in recent weeks, passing $70 billion in early February and $75 billion early this month. The surge in USDC demand is closely linked to capital outflows from the Middle East. Dubai-based analyst Rami Alhashimi said investors are pulling funds from traditional markets and Dubai OTC desks cannot keep up with USDC demand, Cointelegraph reported.
A recent 27 percent fall in Dubai’s real estate market is accelerating the shift of investors into digital assets. The Dubai real estate index (DFM Real Estate Index) also slid 31 percent from a recent peak of 16,800 to 11,516.
Chi-gyu Hwang
delight@d-today.co.kr