Tether, Fasset to Launch Gold-Backed Card Offering XAUT Cashback

Tether, the issuer of the USDT stablecoin, is launching a gold-backed credit card.

Tether said June 3 that it will introduce what it described as the world’s first gold-based neobanking card with digital banking platform Fasset.

The new card will run on Visa’s network, allowing users to pay in fiat currency at Visa merchants worldwide. Eligible transactions will earn as much as 6% of the purchase amount in Tether Gold, or XAUT.

The payment structure converts Tether Gold into USDT and then into fiat currency at the point of sale. Users can turn their holdings into spending funds within seconds.

The card will also support investing. Tether plans to offer a service that automatically invests spare change from each card payment into Tether Gold.

The card will be linked to Fasset’s wallet infrastructure, with Tether cashback paid to users’ wallets in real time.

To mark the launch, Tether plans to provide as much as $1 million in Tether Gold to help build the cashback ecosystem.

Chief Executive Officer Paolo Ardoino said gold has historically served as a store of value rather than a medium of exchange, and this effort is intended to change that perception. He added that Tether aims to connect stablecoins and tokenized gold to real-world payment systems so they can be used without constraints such as borders.