USDC’s market capitalization is approaching $80 billion, with the circulating supply around $79.2 billion, surpassing December’s $79.0 billion. In recent weeks, supply climbed from about $70.0 billion in early February to over $75.0 billion by early March. The surge in USDC demand has been linked to capital outflows from traditional markets in the Middle East, with Dubai OTC desks reportedly unable to meet demand. Dubai’s real estate market recently fell about 27%, and the Dubai Real Estate Index slid from around 16,800 to 11,516, a drop of roughly 31%.
Investors are pivoting toward digital assets as traditional markets reallocate capital, underscoring the growing role of dollar-pegged stablecoins in regional liquidity. The Dubai market dynamics illustrate how crypto liquidity can respond to real estate downturns.
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