The market capitalization of USDC is approaching its all-time high of $80 billion, driven by increased demand in the Middle East. Recent weeks have seen billions of dollars added to the stablecoin's supply, with its market cap rising from just over $70 billion in early February to $75 billion at the start of March. Analyst Rami Al-Hashimi, based in Dubai, attributes this surge to capital outflows from the UAE, highlighting the region's growing influence on the stablecoin market.