On June 9th, international oil prices plunged due to optimism surrounding the near-completion of US-Iran negotiations. US President Trump stated that negotiations between the US and Iran had entered the "final stage," and an agreement could be reached "within two to three days," at which point the Strait of Hormuz would be "immediately" opened. As of 6 PM Beijing time on the 9th, WTI crude oil prices fell 1.93%, and Brent crude oil prices fell 1.78%. However, a lasting ceasefire agreement between the US and Iran remains a distant prospect. The International Energy Agency and other institutions jointly warned that if shipping through the Strait of Hormuz continues to be restricted, global energy reserves will be rapidly depleted, and many countries face the risk of energy shortages this summer.
Regarding monetary policy, US non-farm payrolls increased by 172,000 in May, almost double market expectations, and the unemployment rate remained low at 4.3%. Strong employment data has significantly reinforced market expectations for a Federal Reserve rate hike—BNP Paribas economists predict the Fed will raise rates up to three times starting in December. The US May CPI data, due this Wednesday, is the market focus, with traders betting on a year-on-year increase of 4.3%, potentially becoming a key indicator for the Fed's June 17th policy meeting.
Amid pressure on traditional financial markets, the Tether (USDT) consumer network is expanding against the trend. According to Memento Research data, monthly spending on crypto payment cards has risen to $600 million, a six-fold increase year-on-year, with cumulative on-chain transaction volume reaching $7.2 billion, completing 24 million transactions involving 1.36 million wallet addresses. 62.5% of these transactions were settled in USDT, and approximately 90% were processed through the Visa network, indicating that stablecoins are gradually becoming the underlying infrastructure for consumer payments.
USDT's purchasing power advantage lies in its structural efficiency: TRC-20 network transfers are confirmed in less than one minute, with fees of approximately $1, and it operates 24/7. This efficiency is translating into everyday consumption scenarios—gamers use USDT to purchase gift cards for mainstream games like Steam and PUBG through platforms such as Bitrefill. The entire process requires no bank account, and the redemption code is obtained and the top-up is completed within seconds. Crypto debit cards (such as RedotPay) allow users to top up their USDT and link it to Apple Pay for offline purchases of electronic products like iPhones and iPads at over 130 million merchants worldwide. The payment gateway automatically converts USDT into fiat currency at the real-time exchange rate to complete the settlement. The same crypto card mechanism also applies to large-scale car purchases—Tesla's official website and global stores accept Visa/Mastercard. When cardholders swipe their cards to purchase a car at a store, the system instantly converts USDT into fiat currency, and the merchant receives only fiat currency throughout the process, providing a consumption experience completely consistent with ordinary credit cards. From game top-ups to everyday shopping to car purchases, USDT is transforming the digital dollar from a "held asset" into "actual purchasing power," becoming a core infrastructure connecting crypto assets and physical consumption in an era of high oil prices and high inflation.
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