Gold Becomes Spendable
According to Tether’s announcement, the card runs on the Visa network, accepted wherever Visa is used globally. On eligible transactions, users earn up to 6% cashback paid directly in XAUT, Tether’s gold-backed token. Each XAUT represents one troy fine ounce of gold on a London Good Delivery bar.
At the point of sale, users convert XAUT to USDT and then to fiat in seconds. The card also features an automatic round-up function that sweeps spare change from every transaction into XAUT, creating passive gold accumulation through day-to-day purchases.
To seed the rewards ecosystem, Tether is committing up to $1 million in XAUT at launch.
The Market Behind the Move
The tokenized digital gold market has a total market cap above $5.3 billion. XAUT alone accounts for more than $2.6 billion of that figure, making it the dominant product in the category.
Demand for gold-backed digital assets is rising in emerging markets, where currency volatility pushes users toward stable, asset-backed alternatives. Fasset operates across Asia and Africa, processing $32 billion in annualized volume, with 95% tied to real-world assets. The platform also functions as one of the largest digital asset off-ramp providers in its region, a key piece of infrastructure for converting XAUT to local fiat currencies quickly and reliably.
What the CEOs Said
Tether CEO Paolo Ardoino framed the card as a shift in gold’s role, stating:
“Historically, gold has been a store of value, not a medium of exchange. This initiative changes that narrative. 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, CEO and co-founder of Fasset, positioned the product within a longer historical arc. “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,” the Fasset executive added.
How It Works
The card integrates directly with Fasset’s wallet infrastructure. XAUT cashback flows into users’ wallets in real time, with no manual claims or delays. Fasset’s platform also offers multi-currency accounts, fast transfers, instant settlements, and access to interest-free investments across crypto, stocks, funds, and commodities.
The collaboration positions XAUT as a practical spending and savings tool rather than a passive holding, targeting users in high-growth regions who want exposure to gold without holding physical metal.
