Tether is rolling out a Visa card tied to its gold-backed stablecoin, XAUT, through a partnership with fintech platform Fasset. The card offers users 6% cashback paid in XAUT tokens and is aimed at expanding digital finance in emerging markets where gold already holds deep cultural and economic weight.
The card and its rewards
The physical and virtual Visa card lets holders spend their XAUT balances anywhere Visa is accepted. Every purchase earns 6% back in XAUT, the token Tether issues to represent one troy ounce of fine gold stored in Swiss vaults. Tether and Fasset say the card settles transactions in fiat currency at the point of sale, so merchants don't need crypto infrastructure. Behind the scenes, XAUT is converted to dollars. The 6% cashback is distributed as additional XAUT tokens.
Fasset, a digital asset platform licensed in multiple jurisdictions, will handle issuance and compliance. The companies are positioning the card as a bridge between traditional gold savings and everyday digital spending.
Why gold and emerging markets
Gold has long been a store of value in countries with volatile currencies or limited banking access. Tether is betting that a gold-pegged token — usable for daily purchases — can serve people who distrust local fiat or lack bank accounts but own gold jewelry or coins. By offering cashback in the same gold token, the card nudges users to keep their savings in a hard asset rather than spend them.
Emerging markets are the primary target. The card's utility depends on Visa's merchant network, which is already widespread. Tether hopes the cultural familiarity with gold will speed adoption among populations that have been slow to embrace purely digital cryptocurrencies.
Tether's broader push
This isn't Tether's first card product. The company previously launched a USDT-based Visa card, but the new XAUT card marks its first dedicated gold-backed card. Tether's stablecoin, USDT, remains the largest by market cap, but XAUT targets a different niche: people who want commodity exposure without leaving the crypto ecosystem.
The 6% cashback rate is notably high compared to most reward cards, though it is paid in a token whose value tracks gold. That means the real yield depends on gold prices, not a fixed fiat amount.
Fasset CEO Mohammad Raafi Hossain said in a statement that the card “combines gold's timeless value with the practicality of digital payments,” without offering specifics on rollout markets or launch dates.
Neither Tether nor Fasset have disclosed when the card will be available or in which countries. The companies said they will announce regional expansions gradually.
