USDC market cap approaches all-time high amid rising demand
The market capitalization of the stablecoin USDC has approached its all-time high amid growing demand for digital dollar assets. According to CoinMarketCap, the supply of USDC has reached approximately $79.2 billion, nearly matching the previous record set at the end of last year.
At that time, the stablecoin’s market capitalization stood just below $79 billion, according to Cointelegraph.
The growth followed active issuance in recent weeks: at the beginning of February, supply was around $70 billion, and earlier this month it surpassed $75 billion. Such acceleration suggests rising interest in stablecoins as tools for storing liquidity.
Demand for USDC rises in the Middle East
Analysts link the sharp increase in the stablecoin’s supply to strong demand from investors in the Middle East. Dubai-based analyst Rami Al-Hashimi said that over-the-counter crypto trading desks in the region are experiencing a shortage of USDC due to a large number of orders.
According to him, investors are actively moving capital from traditional assets into digital dollars. This interest may reflect the desire of market participants to quickly move funds into more liquid instruments. During periods of financial uncertainty, stablecoins are often used as an intermediate asset for storing capital or entering the crypto market.
Dubai real estate decline drives inflows into crypto assets
Al-Hashimi also linked the surge in USDC demand to problems in the UAE real estate market, particularly in Dubai. According to his estimates, property prices in the city fell by about 27% over the past month, which may have triggered capital outflows.
TradingView data confirms strong pressure on the sector: the DFM Real Estate Index, which tracks shares of Dubai construction and development companies, dropped about 31% — from 16,800 to 11,516 points. Amid falling prices, some property sellers have reportedly begun offering discounts to buyers who pay with cryptocurrency.
USDC surpasses USDT in transaction volume
In addition to growing market capitalization, USDC is also strengthening its position in transaction volume. According to a study by Japanese investment bank Mizuho, USDC has surpassed USDT in adjusted transfer volume for the first time since 2019.
Since the beginning of the year, USDC transaction volume has reached about $2.2 trillion, while USDT recorded around $1.3 trillion, giving USDC roughly 64% of the total transaction share. Despite this, USDT remains the largest stablecoin by market capitalization, which stands at about $184 billion — significantly higher than USDC.
Recently we wrote that Circle Internet Group announced a partnership with Polymarket aimed at strengthening dollar-denominated settlement infrastructure on the prediction market platform.
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