High demand back home. People see dollars as valuable, so they can send it to pay other people as needed. Loads of people have a binance account and will accept usdc for goods and services. Also, BTC is accepted everywhere in el salvador which is close to where fam lives so there is a lot of acceptance
There's a government app called Chivo that people use for this, and a lot of shopkeepers do have it, but they begrudgingly accept it. People much prefer USDC because they don't want to get paid in assets that are volatile
The founder of Binance is going to jail in the US, but surely it won’t end badly if people keep their hard-earned dollars on this service. No such thing has ever happened in the history of crypto after all.