Summary
- Tether has introduced a new Visa card linked to its gold-backed stablecoin, offering cashback rewards in digital gold.
- The card utilizes a user's XAUT balance, converting it to USDT and then to fiat currency for transactions.
- Cardholders can receive immediate cashback in XAUT for eligible purchases.
Tether, a leading issuer of stablecoins, aims to redefine the perception of gold as a mere store of value by integrating its tokenized gold into a new Visa card as a primary payment method.
Developed in partnership with digital banking company Fasset, this card allows users to spend their Tether Gold (XAUT) wherever Visa is accepted globally.
Paolo Ardoino, CEO of Tether, remarked, “Historically, gold has been a store of value, not a medium of exchange. This initiative changes that narrative.”
When utilized at merchants, the gold-backed card converts users’ XAUT into Tether’s USDT, which is then converted to fiat currency.
Unlocking real-world utility through the Fasset Card.
In strategic partnership with @Tether.
Delivering USDT and Tokenized RWAs in global markets where no bank or traditional brokers can operate. https://t.co/Qz3UVmoMrw pic.twitter.com/bFzqOf3Zla
— Fasset (@fasset) June 3, 2026
Card users can earn up to 6% cashback, instantly credited in XAUT for eligible purchases. Additionally, a round-up feature allows users to invest their spare change back into XAUT automatically.
Ardoino stated, “Through this initiative, we are connecting stablecoins and tokenized gold to real-world payment systems, making them usable, accessible, and seamlessly integrated into global transactions, giving users the option to hold gold and invest it however they choose, without friction or borders.”
Each XAUT token corresponds to one fine troy ounce of physical gold stored in Swiss vaults and is subject to independent audits. Initially launched on Ethereum, the token has also expanded to other blockchains, including BNB Chain in March. Currently, XAUT has a market capitalization of approximately $2.7 billion.
Earlier this year, gold prices hit a new peak above $5,000, later surpassing $5,500 per ounce. As of Wednesday, gold and the XAUT token were trading around $4,414, roughly 20% lower than its yearly high.
A Tether representative has not yet responded to a request for comment from Decrypt.