# Global Macro Weekly Report, May 17: Tether's Consumer Network Expands Against the Trend Amidst Inflation and Geopolitical Pressures
On May 17, 2026, global financial markets continued to fluctuate under multiple pressures. The US Consumer Price Index (CPI) accelerated to 3.8% in April, a new high since May 2023, while the Producer Price Index (PPI) surged 6.0% year-on-year, the largest increase since 2022, mainly due to the ongoing conflict in Iran pushing up energy costs. The US-China trade negotiations achieved generally balanced and positive results, with both sides agreeing in principle to reduce tariffs on an equal scale of their respective products of concern and establishing a Trade Council and an Investment Council to advance further consultations. Regarding the Federal Reserve, DoubleLine Capital CEO Gundlach clearly stated that "a rate cut is simply impossible," and maintaining high interest rates for a longer period has become the market consensus. The cryptocurrency market also came under pressure, with Bitcoin briefly falling below $78,000, indicating a significant increase in market sensitivity to macroeconomic pressures.
**Tether (USDT)'s consumer network is expanding against the trend.** As high oil prices and interest rates continue to erode the purchasing power of the traditional US dollar, USDT holders are gaining access to a more affordable consumption channel, bypassing the banking system, through increasingly mature cryptocurrency card and gift card infrastructure.
**Gaming Top-ups:** Players can use USDT to purchase gift cards for mainstream games like Steam and PUBG through platforms such as Bitrefill. TRC-20 network confirmation takes less than a minute, requiring no bank account and completely breaking down cross-border payment barriers. Bitget Pay has added a QR code payment function, already launched in Southeast Asia and Latin America. Users can scan a QR code to complete offline purchases with USDT, with automatic conversion and settlement in the background.
**Buying iPhones and iPads:** Crypto debit cards such as Kast and Bitget Wallet Card allow users to top up their accounts with USDT and link them 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 into fiat currency at the real-time exchange rate. Merchants receive fiat currency throughout the transaction, providing a consumer experience identical to using a regular credit card.
**Buying Teslas:** The same cryptocurrency card principle applies to car purchases. After users apply for a crypto card, top up their USDT, and link their Apple Pay through Kast or Bitget Wallet Card, they can purchase a Tesla vehicle by swiping their card on the Tesla website or at a store. The system instantly converts USDT to fiat currency, and the merchant always receives fiat currency. RedotPay already covers over 130 million merchants globally, including Tesla, Apple's official website, and major e-commerce platforms.
At a time when traditional fiat currencies are passively depreciating due to high oil prices and the Federal Reserve's tightening policies, Tether holders are building a global, affordable consumption channel independent of the banking system through crypto card and gift card networks—from Steam points cards to the latest iPhone, and now to a Tesla, the era of digital dollar consumption has moved from concept to reality.
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