USDC's market capitalization is nearing its all-time high of $80 billion, possibly due to capital outflows from the UAE.

CoinFeed reported on March 14th that, according to Cointelegraph, the market capitalization of the USDC stablecoin is approaching a record high of $80 billion due to surging demand in the Middle East. This growth comes after billions of dollars in supply increases in recent weeks. The stablecoin's market capitalization was slightly above $70 billion in early February and $75 billion at the beginning of this month. Rami Al-Hashimi, an analyst who identifies himself as being based in Dubai, stated that this surge is related to capital outflows from the UAE.