Due to the impact of the geopolitical situation, the demand for stablecoins in Dubai has surged, with over 2.3 billion USDC minted in the past week

Due to the impact of the geopolitical situation, the demand for stablecoins in Dubai has surged, and the OTC counter for USDC is crowded with inquiries.

Sources say that due to the inefficiency of bank wire transfers in the region, large amounts of capital have shifted to on-chain transactions. According to data from DefiLlama, the supply of USDC has increased by 3.03% in the past week, amounting to approximately $2.36 billion.