USDC circulation nears $80B amid UAE capital outflows and Dubai property slump

USDC's circulating supply has reached about $79.2 billion, approaching its all-time high after rising from roughly $70 billion in early February, Cointelegraph reports. Dubai-based analyst Rami AlHashimi attributed the surge to capital leaving the UAE, noting that demand for the stablecoin on Dubai OTC platforms now outpaces supply due to sharp volatility in the local real estate market. He cited an estimated 27% decline in Dubai property prices this month and TradingView data showing the DFM Real Estate Index fell from around 16,800 points to approximately 11,516 points, a drop of about 31%. AlHashimi added that some property sellers now accept cryptocurrency payments and offer 5% to 10% discounts for buyers using BTC.