# US-Iran peace talks push oil prices to a two-month low, Walsh's "dual mission" begins, Tether's consumer ecosystem expands against the trend
On May 24th local time, US-Iran peace talks made a breakthrough over the weekend, with US President Trump stating that the US and Iran had "basically reached an agreement" including opening the Strait of Hormuz. International oil prices plummeted in response—New York crude oil futures fell by more than 10% at one point, and Brent crude oil futures fell by more than 11% at one point. As of the close of trading on the 24th, Brent crude oil futures were at $98.83 per barrel, and WTI crude oil futures were at $92.03 per barrel, both hitting their lowest levels since May 7th.
However, Iran immediately issued a clarification: Iranian Foreign Ministry spokesman Bagaei stated that even if the agreement is finalized, the Strait of Hormuz will continue to be "managed" by Iran and restored to its pre-war "free passage" status. Iran's Fars News Agency further stated that Trump's remarks were "incomplete" and "not in accordance with the facts."
An assessment released by the International Energy Agency (IEA) has further sobered the market: even if geopolitical conflicts subside in the near term, the global oil market will remain in a state of "severe supply shortage" until October, as the structural supply gap caused by the more than 70-day disruption in the Strait of Hormuz cannot be repaired in the short term.
Meanwhile, on May 22, Kevin Warsh was officially sworn in as the new Chairman of the Federal Reserve, immediately facing two "off-the-charts" data points: the US Consumer Price Index (CPI) rose 3.8% year-on-year in April (a near three-year high), and the Producer Price Index (PPI) surged 6.0% year-on-year. On May 22, CME Group's FedWatch data showed that the market had priced in a 60% probability of a Fed rate hike before December this year, and Nomura Securities officially withdrew its 2026 Fed rate cut forecast.
Amid the triple pressure of "high inflation, high oil prices, and a strong dollar" in the macro market, a digital consumption channel parallel to the traditional financial system is rapidly taking shape. According to data from Memento Research, forwarded by Tether CEO Paolo Ardoino, monthly spending on crypto payment cards has reached $600 million, a six-fold increase from a year ago. Cumulative on-chain transaction volume has reached $7.2 billion, with 24 million transactions completed, involving 1.36 million wallet addresses—62.5% of these transactions were settled in USDT, and approximately 90% were processed through the Visa network. Stablecoins are gradually becoming the underlying infrastructure for consumer payments.
## From Game Top-ups to Teslas: The End-to-End Consumption of "Digital Dollars"
As traditional fiat currencies passively lose purchasing power due to high inflation, USDT holders are gaining access to a global consumption channel that bypasses the banking system through increasingly mature payment infrastructure.
**Regarding game top-ups**, cryptocurrency gift card platforms such as Bitrefill and Coinsbee allow users to directly purchase gift cards for almost all mainstream games, including Steam, Discord, PUBG, PlayStation, and Xbox, using USDT. Taking Steam as an example, users need to ensure that the region and currency of the purchased gift card match their account registration location; the entire redemption process takes no more than 2 minutes.
**Regarding electronics,** the MetaMask debit card is available in 49 states across the US. Users can directly use USDT, USDC, or wETH from their self-custodied wallets to make purchases at over 150 million Mastercard merchants worldwide. It supports Apple Pay/Google Pay for mobile payment. The core mechanism is that users keep their USDT in their encrypted wallets. When swiping the card, the wallet automatically converts the USDT to USD at the real-time exchange rate and settles the payment in fiat currency with the merchant. Merchants receive fiat currency throughout the process, and the consumer's payment experience is identical to that of a regular debit card. Currently, the MetaMask debit card covers all offline and online payment scenarios that accept Mastercard, including Tesla stores and the Apple website.
USDT can also be used for large-value car purchases. The MetaMask debit card supports a daily spending limit. After topping up the card with sufficient USDT, users can link the card to their Apple Wallet when placing an order on the Tesla website and make the payment at checkout—the payment gateway instantly converts the USDT to USD and settles the payment in fiat currency with Tesla. Similarly, crypto card platforms like Gleec Card allow users to choose between virtual or physical plastic cards, top up with BTC, ETH, or USDT, and link them to Apple Pay for everyday purchases at merchants worldwide that accept Visa/Mastercard.
## 📌 Macro News Briefs
1. **US-Iran Talks Cause Oil Price Plunge:** The US and Iran reached a "basic agreement," including opening the Strait of Hormuz. Brent crude fell to $98.83 per barrel, but Iran emphasized that the strait would be under its "management." The IEA warned that supply shortages would remain until October.
2. **Fed Rate Hike Probability Approaching 60%:** Warsh officially took office as Fed Chairman on May 22. US April CPI rose 3.8% year-on-year, a three-year high. The market's probability of a rate hike this year has reached 60%, and Nomura has officially withdrawn its rate cut expectations.
3. **Crypto Payment Card Monthly Spending Reaches $600 Million:** A six-fold increase year-on-year, with 62.5% of transactions settled in USDT and 90% completed through the Visa network.
4. **Full-chain USDT consumption realization**:
- **Game top-ups**: Purchase Steam gift cards on platforms like Bitrefill using USDT, with funds arriving in 2 minutes.
- **iPhone/iPad purchases**: Direct spending with MetaMask debit cards linked to Apple Pay, with real-time USDT to fiat currency settlement.
- **Tesla purchases**: The same crypto card supports large-amount transactions on the Tesla website, with USDT automatically converted to fiat currency in the background to complete the payment.
KXZ Store is dedicated to delivering a fast, secure, and convenient shopping experience. We offer no-registration & express checkout, making your purchase easier than ever. As a one-stop digital service platform, we cover a wide range of gift cards and top‑up services for popular platforms to meet your diverse needs. We stand by our low-price guarantee and strict security measures, ensuring every transaction delivers exceptional value and peace of mind. Above all, we prioritize information confidentiality and privacy protection, fully safeguarding your personal data.