USDC market cap nears record $80B amid ‘capital flight’ in UAE: Analyst

USDC’s market cap is approaching a record $80 billion, with one analyst linking the surge to capital flight and turmoil in Dubai’s real estate market.

The market capitalization of the USDC stablecoin is approaching a record high near $80 billion as demand surges in the Middle East, with one analyst linking the spike to capital flight from the United Arab Emirates.

According to data from CoinMarketCap, USDC (USDC)’s circulating supply has risen to roughly $79.2 billion, marking a new all-time high for the dollar-pegged stablecoin. The stablecoin’s market cap previously hit a high of below $79 billion in December last year.

The increase comes after supply expanded by billions of dollars in recent weeks. The stablecoin’s market cap stood at just over $70 billion in early February and at $75 billion earlier this month.

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