USDC market cap nears $80B amid capital flight from UAE

The market capitalization of USDC has climbed to approximately $79.2 billion, nearing its all-time high of $80 billion, Cointelegraph reported. The stablecoin's circulating supply has expanded rapidly in recent weeks, driven by growing demand, particularly in the Middle East. Dubai-based analyst Rami Al-Hashimi suggested that fears of war are causing capital flight from the region, with investors shifting from traditional holdings to stablecoins. He added that a roughly 27% drop in Dubai real estate prices this month has further accelerated this shift to digital assets.