Global energy markets continued their upward trend amid the shadow of geopolitical conflict. Influenced by the latest round of mutual attacks between the US and Iran, market expectations for a peace agreement on navigation in the Strait of Hormuz cooled, leading to a third consecutive day of gains in international crude oil prices. Brent crude broke through $98 per barrel intraday, with a cumulative increase of nearly 7% this week. The US added 122,000 jobs in May's ADP employment report, a 16-month high, reinforcing the assessment of a robust job market. New York Fed President Williams stated on the same day that the Fed's current monetary policy is "perfectly positioned, with neither a need to raise nor lower interest rates." CME data shows that the probability of the Fed maintaining interest rates unchanged by June is 98.6%, and the probability of maintaining rates unchanged by July is 92.4%, indicating a continued cooling of expectations for rate cuts this year.
Amidst increased volatility in traditional financial markets, digital dollar consumption infrastructure is expanding against the trend. According to the latest data from Memento Research, monthly spending on crypto payment cards has reached $600 million, a six-fold increase compared to a year ago, with a cumulative on-chain transaction volume of $7.2 billion and 24 million transactions completed, involving 1.36 million wallet addresses. 62.5% of these transactions were settled using Tether (USDT), and approximately 90% were completed through the Visa network, indicating that stablecoins are gradually becoming the underlying infrastructure for consumer payments.
USDT's core purchasing power advantage stems from its structural efficiency: TRC-20 network transfers are confirmed in less than one minute with a fee of approximately $1, operating 24/7, while traditional SWIFT cross-border remittances take 3 to 5 days, incur fees of 3% to 7%, and are subject to bank opening hours and holidays.
In terms of consumption scenarios, USDT has been implemented in multiple scenarios:
**Game Top-ups**—Cryptocurrency gift card platforms such as Bitrefill support direct purchase of gift cards for mainstream games such as Steam, PUBG, and PlayStation using USDT. The entire process requires no bank account or credit card approval; the top-up is completed within the game after transaction confirmation. **Purchasing an iPhone/iPad**—RedotPay and other encrypted debit cards allow users to top up their accounts with USDT and link it to Apple Pay or Google Pay. When checking out on the Apple website, users can select card payment, and the payment gateway automatically converts USDT to fiat currency at the real-time exchange rate to complete the settlement. RedotPay covers over 130 million merchants worldwide, supporting online and offline contactless payments, with a maximum transaction amount of $100,000, sufficient to cover most digital product purchases.
**Purchasing a Tesla**—The same encrypted card mechanism applies to large-value car purchases. Tesla's website and global stores accept Visa/Mastercard. Users can apply for a virtual card on the encrypted card platform, top up with USDT, and link it to Apple Pay. When paying at a Tesla store or placing an order on the website, the system instantly converts USDT to fiat currency to complete the settlement. Merchants only receive fiat currency throughout the process, providing a completely identical experience to using a regular credit card.
From Steam points cards to the latest iPhone and a Tesla costing tens of thousands of dollars, USDT holders are building a global consumption channel independent of the traditional banking system through crypto card and gift card networks. Stablecoins are evolving from a "trading tool" in the crypto market into a new infrastructure connecting digital assets and physical consumption in an era of high interest rates and high oil prices.
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