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

USDC is about to smash the $80B market cap barrier — and Dubai's crumbling real estate market might be the secret driver. According to CoinMarketCap, the stablecoin's circulating supply just hit $79.2B, a new all-time high. That's up from $70B in early February and $75B earlier this month. Wild growth.

Dubai-based analyst Rami Al-Hashimi dropped the tea on X: OTC desks in Dubai are struggling to meet demand for USDC. Why? Capital flight. He claims property prices in Dubai have tanked ~27% this month, sparking a panic move into digital assets. "War panic. Capital flight. Sellers are bleeding," he wrote. The DFM Real Estate Index confirms the carnage — down ~31% from its recent peak.

Even wilder: Some property sellers are now accepting crypto payments directly. Al-Hashimi says listings advertise "Pay in BTC, get 5–10% off." When traditional markets wobble, digital assets become the life raft.

Japanese investment bank Mizuho reports USDC has surpassed Tether's USDt in adjusted transaction volume for the first time since 2019. USDC recorded ~$2.2T in adjusted volume year-to-date vs. USDt's $1.3T — giving USDC a 64% share of combined transaction volume. Mind you, USDt still dominates market cap at ~$184B vs. USDC's $79B. But the activity shift is undeniable.