TechFlow News, March 14: According to Cointelegraph, the circulating market capitalization of USDC has risen to approximately $7.92 billion, nearing its all-time high. The stablecoin’s market cap has been steadily climbing since early February, when it stood at roughly $70 billion, and surpassed $75 billion earlier this month.
Rami Al-Hashimi, who identifies himself as a Dubai-based analyst, links this surge in demand to capital outflows from the UAE. He states that current demand for USDC on Dubai over-the-counter (OTC) platforms has become difficult to meet, attributing this to sharp volatility in the local real estate market. According to him, Dubai property prices have fallen by approximately 27% this month. TradingView data shows the DFM Real Estate Index—which tracks Dubai-listed real estate and construction companies—has declined from a recent peak of around 16,800 points to approximately 11,516 points, a drop of roughly 31%. Al-Hashimi also notes that some property sellers have begun accepting cryptocurrency payments and are offering discounts of 5% to 10% to buyers paying in BTC.
