Tether and Fasset launch gold-backed Visa card for XAUT spending

Tether and Fasset launched what they described as the first gold-backed Visa card, giving XAUT holders a way to spend through Visa’s merchant network worldwide while earning up to 6% cashback in Tether’s tokenized gold on eligible transactions. The companies said the card converts XAUT to USDT and then into fiat in real time at the point of sale, and includes automatic round-ups into XAUT. They also said the program includes a reward pool of up to $1 million in XAUT and framed the product as useful for improving financial stability and accessibility, particularly in volatile economies. The launch extends XAUT’s utility beyond holding the asset onchain. The tokenized gold market capitalization is more than $5.3 billion, with XAUT accounting for above $2.6 billion.