USDC Supply Climbs Close to Record High
The market capitalization of USDC, the dollar-pegged stablecoin issued by Circle, is approaching a new record as global demand continues to rise. According to data from CoinMarketCap, USDC’s circulating supply has climbed to around $79.2 billion, putting it very close to the $80 billion milestone.
The growth has accelerated in recent weeks. In early February, USDC’s supply stood slightly above $70 billion, and it had already crossed $75 billion earlier this month. The rapid expansion highlights increasing adoption of stablecoins as investors seek faster and more flexible ways to move capital across markets.
Stablecoins like USDC are commonly used in crypto trading, cross-border payments, and as a hedge during market volatility. As digital assets become more integrated with global finance, their usage tends to increase during periods of economic or geopolitical uncertainty.
Analysts Link Surge to UAE Capital Flight
Some analysts believe the sudden spike in USDC demand may be tied to shifting financial conditions in the United Arab Emirates, particularly in Dubai’s real estate sector. Dubai-based analyst Rami Al-Hashimi recently claimed that over-the-counter (OTC) trading desks in the region are struggling to meet the growing demand for the stablecoin.
According to Al-Hashimi, the surge may reflect capital flight from traditional markets, especially real estate. He suggested that property prices in Dubai have fallen by about 27% this month, prompting investors to move funds into digital assets.
Market data appears to support signs of pressure in the sector. The DFM Real Estate Index, which tracks major real estate and construction companies listed in Dubai, has reportedly dropped from around 16,800 at its recent peak to roughly 11,516, marking a decline of about 31%.
Amid the downturn, some property sellers are reportedly becoming more flexible with payment methods. Al-Hashimi noted that certain listings are now offering discounts of 5–10% for buyers who pay using Bitcoin, reflecting the growing acceptance of cryptocurrencies in high-value transactions.
Despite the rise in activity surrounding USDC, Tether’s USDT still remains the world’s largest stablecoin by market capitalization. USDT currently holds a market cap of about $184 billion, significantly ahead of USDC.
However, research from Japanese investment bank Mizuho suggests USDC has recently surpassed USDT in adjusted transaction volume for the first time since 2019. According to the bank’s data, USDC recorded roughly $2.2 trillion in transaction volume year-to-date, compared with about $1.3 trillion for USDT, giving USDC approximately 64% of the combined transaction share.
