Tether and Fasset have launched what they describe as the world’s first gold-backed Visa card. The card allows users to spend fiat currency while earning up to 6% cashback rewards in Tether Gold (XAU₮). It features instant conversion of digital assets to fiat and automatic gold accumulation through transaction round-ups. The partnership aims to expand the adoption of tokenized gold, particularly in emerging markets, with Tether committing up to $1 million in XAU₮ for the rewards program.
Tether has partnered with Fasset to launch a gold-backed neobanking Visa card. This move aims to integrate tokenized gold into everyday financial activities beyond its traditional role as a store of value.
The card operates on the Visa network for global merchant purchases. Users earn rewards linked directly to Tether Gold (XAU₮) when spending fiat currencies.
It offers users up to 6% cashback in XAU₮ on eligible purchases. This rewards structure allows for the accumulation of digital gold through routine spending.
The card also features an automatic round-up function. This channels leftover change from purchases into XAU₮ holdings.
The launch occurs as the tokenized gold economy’s market value exceeds $5.3 billion. XAU₮ represents $2.6 billion of this total market value.
Tether has committed up to $1 million in XAU₮ to fund the rewards program. The partnership specifically targets growing demand in emerging markets affected by currency volatility.
