Tether and Fasset have introduced the world's first Visa debit card backed by tokenized gold. The card is linked to Tether's XAUT token, allowing users to spend digital gold for everyday purchases. At checkout, the system automatically converts XAUT into USDT and then into local fiat currency, settling transactions without manual steps.
How It Works
The card operates on the Visa network, enabling acceptance at millions of merchants globally. Users earn up to 6% cashback in XAUT on eligible purchases, with rewards credited in real time. A round-up feature automatically converts spare change from each transaction into additional XAUT, steadily growing users' gold holdings through daily spending. Fasset provides the wallet and settlement infrastructure, including multi-currency accounts, instant transfers, and global debit access.
Market Focus and Incentives
Fasset processes $32 billion in annualized transaction volume, with 95% tied to real-world assets. It operates across Asia and Africa with fiat off-ramp services that convert USDT into local currencies. To kickstart the card, Tether committed up to $1 million in XAUT for reward distribution. The tokenized gold market now exceeds $5.3 billion in total capitalization, with XAUT accounting for over $2.6 billion of that. Both companies target emerging markets, where demand for asset-backed digital payment systems is surging.