Due to Geopolitical Tensions, Dubai Stablecoin Demand Surges, with USDC Minting Over 2.3 Billion in the Past Week

BlockBeats News, March 12th, according to local sources in the UAE @rami_hashimi, due to geopolitical tensions, the current demand for Dubai's stablecoin has surged, with "the OTC desk packed with people inquiring about USDC".

The source stated that due to the inefficiency of bank wire transfers in the region, large funds have shifted to on-chain transactions.

And according to DefiLlama data, the USDC supply has surged by 3.03% in the past week, equivalent to around $23.6 billion.