Tether has teamed up with digital banking platform Fasset to launch a new Visa card that integrates its gold-backed token, XAUT, into everyday payments. The card allows users to spend fiat currency anywhere Visa is accepted while earning up to 6% cashback in XAUT on eligible transactions. It also supports real-time conversions from XAUT and USDT to fiat at the point of sale.
The card includes an automatic round-up feature that invests spare change from transactions into XAUT, enabling users to accumulate tokenized gold through regular spending. XAUT represents one fine troy ounce of gold on a London Good Delivery bar and has a market cap of about $2.6 billion. The broader tokenized gold market is valued at more than $5.3 billion.
Tether Gold holds about 24 tons of gold backing XAUT in reserves, and the company is committing up to $1 million in XAUT to support the card’s rewards ecosystem. The card will be integrated with Fasset’s wallet infrastructure, with XAUT cashback flowing into users’ wallets in real time. Fasset operates across Asia and Africa and is one of the largest digital asset off-ramp providers in those regions.
Tether CEO Paolo Ardoino said the initiative connects stablecoins and tokenized gold to real-world payment systems. 'Historically, gold has been a store of value, not a medium of exchange. This initiative changes that narrative,' Ardoino said. Fasset CEO Mohammad Raafi Hossain said the company aims to make Tether Gold more widely held in emerging markets, where demand for asset-backed financial tools is growing.