USDC Market Cap Nears $80B as UAE Capital Flight Drives Demand

Self-proclaimed Dubai-based analyst Rami Al-Hashimi claimed the surge reflects growing demand from investors seeking to move funds out of traditional markets. In a Friday post on X, Al-Hashimi said over-the-counter (OTC) desks in Dubai have struggled to meet demand for the stablecoin.

Dubai property slump may be driving USDC surge

Al-Hashimi tied the surge in stablecoin demand to turmoil in the UAEs real estate market. The analyst claimed property prices in Dubai have fallen roughly 27% this month, sparking a rush among investors to move capital into digital assets.

“War panic. Capital flight. Sellers are bleeding,” he wrote, describing what he said was a rapid shift in investor behavior.

Data from TradingView also shows that the DFM Real Estate Index, which tracks the performance of listed real estate and construction companies in Dubai, has suffered a sharp sell-off, with the index falling from around 16,800 at its recent peak to about 11,516, a decline of roughly 31%.

Al-Hashimi claimed the situation has also led some property sellers to accept cryptocurrency payments directly. He said certain real estate listings now advertise discounts for buyers who pay using Bitcoin (BTC).

“Pay in BTC, get 5–10% off,” he wrote, adding that the trend reflects growing demand for digital assets during periods of financial uncertainty.

USDC overtakes USDt in adjusted transaction volume

Japanese investment bank Mizuho says USDC has surpassed Tether‘s USDt (USDT) in adjusted transaction volume for the first time since 2019. According to the bank’s research note, USDC recorded about $2.2 trillion in adjusted transaction volume year-to-date, compared with $1.3 trillion for USDt, giving USDC roughly 64% of combined transaction share.

Despite the shift in activity, USDt remains the largest stablecoin by market capitalization at about $184 billion, far ahead of USDCs $79 billion.