$USDC market cap approaches its ATH of $80 billion, as per analyse it shows linked to capital outflows from the UAE.
The circulating market value of USDC has risen to approximately $79.2 billion, approaching its historical high. The market value of this stablecoin has been steadily climbing since the beginning of February from approximately $70.0 billion, and broke through $75.0 billion earlier this month.
Rami Al-Hashimi, who claims to be a Dubai-based analyst, has linked this surge in demand to 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, and attributed this to the drastic fluctuations in the local real estate market. According to him, Dubai house prices have fallen by approximately 27.00% this month.
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