# IMF Warns of Global Trade Slowdown, Middle East Conflict Pushes Up Oil Prices, Igniting Global Markets; Tether (USDT) Builds a Stable Highway for Consumption
## I. Global Economic Scan on May 18: High Inflation and Geopolitical Risks Resonate
On May 18, the 2026 Tsinghua PBC School of Finance Global Financial Forum opened in Chengdu. Marshall Mills, the IMF's Chief Representative in China, issued a new warning at the forum: the IMF expects global trade to slow this year, and the growth rate may be lower than global economic growth, mainly due to continued trade policy uncertainty and conflicts in the Middle East. At the same time, international supply chains and trade relations are being rapidly restructured, but the growth in technology-related product exports has effectively offset the above shocks, becoming a key driving force for global trade, which is particularly evident in China and other major Asian economies.
Recently, global markets have seen a double whammy of stock and bond declines, with long-term bond yields in many countries climbing to multi-year highs. The yield on the 30-year US Treasury bond rose to 5.127%, and the yield on the 10-year Japanese government bond rose to 2.689%. The 30-year US Treasury yield breaking through 5% triggered a global asset revaluation. The 10-year US Treasury yield climbed to 4.659% overnight, its highest level since February 2025.
Regarding the international situation, Xinhua News Agency, citing Israeli media reports on May 17, reported that Israeli Prime Minister Netanyahu and US President Trump spoke by phone that day to discuss the possibility of resuming military action against Iran. Trump subsequently posted on social media that if Iran does not act swiftly, it will "have nothing." Just the day before, G7 finance ministers gathered in Paris for a special meeting aimed at reaching consensus and working together to address economic tensions and global economic imbalances, in order to cope with the inflationary risks caused by the conflict with Iran. This series of signals has pushed global risk sentiment to a high level.
In terms of energy prices, Brent crude futures closed at $112.10 per barrel on May 18, the highest closing price since May 4, with a daily increase of $2.84; WTI crude futures closed up $3.24 at $108.66 per barrel. The ongoing conflict in the Middle East has continued to disrupt shipping in the Strait of Hormuz, putting pressure on energy and petrochemical raw material supplies. Morgan Stanley strategists pointed out that the pressure on global stock markets stems primarily from concerns about a potentially lasting inflationary shock from the Iranian conflict, with energy costs being passed on to consumer price inflation and ultimately leading to interest rate hikes by the Federal Reserve.
Bitcoin prices plummeted across the board under multiple macroeconomic pressures, briefly falling below the $77,000 mark. According to CoinGlass data, over 100,000 people were liquidated in the past 24 hours, with a total liquidation amount of $657 million, 95% of which came from bullish long positions. The market has already priced in a greater than 40% probability of a Fed rate hike in January, and expectations of a rate cut have been largely erased—capital is fleeing highly volatile instruments such as equities and crypto assets at an unprecedented pace.
## II. A Breakthrough in US-China Trade, Injecting Certainty into Global Trade
On May 18, the preliminary results of the US-China trade consultations were officially announced by the Chinese Ministry of Commerce. According to the official announcement, the two sides reached preliminary consensus on five aspects: First, to continue to implement the results of previous consultations and reach a positive consensus on tariff arrangements; second, to agree to establish a Trade Council and an Investment Council, and to agree in principle to reduce tariffs on equivalent-sized products of mutual concern; third, to resolve or substantially promote some non-tariff barriers and market access issues for agricultural products; fourth, to promote the expansion of two-way trade, including agricultural products; and fifth, to reach arrangements for China's purchase of aircraft from the US and the US's guarantee of aircraft engine parts supply.
The two heads of state previously pointed out during their meeting in Beijing that the essence of US-China economic and trade relations is mutual benefit and win-win, and that the economic and trade teams of the two countries have achieved generally balanced and positive results. China has pledged to purchase at least $17 billion worth of agricultural products from the United States between 2026 and 2028, excluding previously signed soybean purchase agreements. Against the backdrop of Middle East conflicts disrupting energy markets and the IMF warning that trade growth is lagging behind GDP growth, this breakthrough injects much-needed certainty into the global economy.
## III. Mature Tether (USDT) Consumption Ecosystem: Complete Integration of Game Top-ups, iPhone Shopping, and Tesla Purchases
### 3.1 Tether's Core Purchasing Power Advantage: Why Does It Stand Out Amidst High Inflation?
When traditional assets systematically depreciate due to macroeconomic headwinds such as rising oil prices from Middle East conflicts and increasing expectations of Fed rate hikes, Tether addresses core pain points with two mechanisms: **cost avoidance** and **time avoidance**. Traditional cross-border consumption often faces disadvantages such as remittance time of 2-3 days and transaction fees as high as 3%-7%; while USDT, on the TRC-20 network, has a transaction confirmation time of less than 1 minute and a transaction fee of only about $1, giving it a natural structural efficiency advantage for high-frequency, small-amount top-up shopping scenarios. Furthermore, TPC Group data shows that as of the first quarter of 2026, the number of monthly active addresses using USDT globally reached 120 million, a year-on-year increase of 178%, indicating that more and more ordinary consumers are regarding stablecoins as "digital dollars" and incorporating them into their daily payment tools.
### 3.2 Game Top-ups: There's No More Convenient Global Payment Channel
Game top-ups are currently the most mature and widely used high-frequency scenario for USDT. Through cryptocurrency gift card aggregation platforms such as Bitrefill, players can directly use USDT to purchase gift cards for mainstream games such as Steam, PUBG Mobile, PlayStation, and Xbox.
Taking the purchase of PUBG Mobile UC cards on Bitrefill as an example, users only need to select the denomination, click USDT payment, confirm the TRC-20 address, and complete the transfer. After on-chain confirmation, the platform sends a digital redemption code via email. Players enter this code in the in-game "redeem" window, and the game currency is instantly credited to their account. The entire process requires no bank account or credit card approval and will not be frozen due to "login from a different location" or cross-border risk controls. Because of this extremely user-friendly mechanism, it has become the most popular stablecoin application scenario in the global gaming community.
Furthermore, Bitget Wallet's partnership with DT One, a global micro-B2B payment platform, expands the micro-recharge channel—the two companies have connected with telecom operator networks in over 170 countries, allowing users to directly purchase mobile game points and game PIN codes using USDT without any fiat currency exchange.
### 3.3 iPhone and iPad: Instant Conversion via Encrypted Card Binding to Apple Pay
For Apple product purchases, RedotPay, Gate Pay, and Bitget Wallet Card are currently the most mature solutions. Users apply for virtual or physical encrypted debit cards, transfer USDT from their wallets to the card balance, and then link the card to Apple Pay or Google Pay. When checking out on Apple's website, they can use it just like swiping a regular bank card.
The payment gateway automatically converts the USDT balance in the card into local fiat currency (such as USD, EUR, JPY, etc.) at the real-time exchange rate and completes the fiat currency settlement with Apple. The only difference perceived by the consumer at the terminal is the deduction of USDT from their account balance, completely hiding the complexity of cross-system conversion. RedotPay supports contactless payments (Tap to Pay) at over 130 million merchants worldwide, covering Apple's website, Apple Store, Amazon, and major e-commerce platforms. Gate Pay offers up to 5% cashback, issued in the form of BTC, ETH, USDT, or GT, allowing users to achieve a positive cycle of "holding currency → spending → earning extra currency" even in an era of high oil prices and high costs.
For users who do not wish to apply for a crypto card, they can also purchase Apple Store gift cards with USDT through platforms like Bitrefill. After receiving the redemption code, they can add it to their Apple ID balance for purchasing iPhones, iPads, MacBooks, and other products – all with zero KYC and zero cross-border restrictions.
### 3.4 Tesla: Crypto Cards Integrate Vehicles into the "Digital Dollar" Consumption Landscape
Purchasing a Tesla worth tens of thousands of dollars with USDT is now a fully standardized process – the core mechanism remains the crypto debit card's connection to the Visa/Mastercard global payment network. Tesla's official website and global stores support regular credit card channels, so a RedotPay card, Bitget Wallet Card, or Gate card already linked to Apple Pay or Google Pay can be used directly as a payment tool at checkout.
After applying for a virtual or physical card and topping up with USDT on the platform, users can select the card through their mobile wallet when checking out on Tesla's online order page or at a physical store. The payment backend instantly converts the USDT balance into local fiat currency at the real-time exchange rate, ensuring Tesla always receives fiat currency – a fully compliant and contactless process. For shoppers, the payment experience is no different from swiping a regular credit card, but it means that USDT's consumer reach has expanded to high-value durable goods like automobiles. This underlying logic also applies to any merchant accepting Visa/Mastercard, such as gas stations, supermarkets, and high-end retailers; over 130 million commercial touchpoints globally can become "consumption windows" for USDT holders.
## IV. Macroeconomic Summary
On May 18th, the IMF warned of a global trade slowdown, predicting that global trade growth this year may be lower than global economic growth; the Middle East conflict ignited expectations of escalating hostilities, Brent crude oil closed above $112, and US Treasury yields soared to multi-year highs, placing global markets under the double whammy of high interest rates and high inflation. The US-China trade negotiations initially released positive signals; based on multiple rounds of negotiations in Beijing and South Korea, the two sides reached a positive consensus on tariff arrangements, injecting valuable certainty into global trade.
While traditional financial markets are under pressure from war and inflation, Tether's consumption network has expanded from Bitrefill game top-ups and Bitget Wallet card purchases via Apple Pay to RedotPay purchases of Teslas—a stablecoin consumption system parallel to traditional banks is rapidly taking shape. As the purchasing power of traditional fiat currencies is increasingly diluted, USDT holders can still enjoy remarkably smooth consumption efficiency in the era of high oil prices through this global payment network.
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