Tether and Fasset unveil gold-backed Visa card with $1M XAUT

Tether and Fasset announced a Visa card that pays rewards in XAUT, Tether’s token backed by physical gold, and converts spare change into XAUT through automatic round-ups. The card runs on the Visa network and is accepted wherever Visa is used.

On eligible purchases, users can earn up to 6% cashback paid directly in XAUT. At the point of sale, XAUT is converted to USDT and then into local fiat in seconds, allowing merchants to accept payments immediately while customers accumulate tokenized gold.

Each XAUT token represents one troy fine ounce of gold stored as a London Good Delivery bar. To seed the rewards program, Tether committed up to $1 million in XAUT at launch.

Cashback and round-ups are credited in real time to users’ Fasset wallets with no manual claims. Fasset’s wallet supports multi-currency accounts, fast transfers, instant settlements and access to crypto, stocks, funds and commodities.

Fasset operates across Asia and Africa, processing about $32 billion in annualized volume and reporting that roughly 95% of its activity is tied to real-world assets. The firm also provides off-ramp services to convert digital assets into local fiat currencies.

The tokenized digital gold market is valued above $5.3 billion, with XAUT accounting for more than $2.6 billion of that total. Demand for gold-backed digital assets has risen in emerging markets amid currency volatility.

Tether CEO Paolo Ardoino described the card as a change to gold’s role: “Historically, gold has been a store of value, not a medium of exchange. We are connecting stablecoins and tokenized gold to real-world payment systems, making them usable, accessible, and seamlessly integrated into global transactions.” Mohammad Raafi Hossain, Fasset’s CEO and co-founder, framed the offering as moving a long-standing store of wealth into digital form: “For over a thousand years, gold has been the most trusted store of wealth across our markets. We’re bringing it into the digital age. Fasset is building the infrastructure to make Tether Gold the most widely held digital gold token in emerging markets.”