Tether funds $1M gold rewards card

Tether and Fasset have launched a gold-backed Visa card that allows users to spend fiat currencies while earning rewards in Tether Gold (XAUT), as the companies seek to expand real-world use cases for tokenised precious metals.

The card offers up to 6% cashback in XAUT and includes an automatic round-up feature that converts spare change from everyday purchases into digital gold, creating a passive savings mechanism for users.

“Historically, gold has been a store of value, not a medium of exchange,”

Said Tether Chief Executive Officer, Paolo Ardoino.

“This initiative changes that narrative.”

Tether has committed up to $1 million in XAUT to support the rewards programme, while the card operates on the Visa network and is accepted at merchants globally wherever Visa payments are supported.

“For over a thousand years, gold has been the most trusted store of wealth across our markets,”

Said Fasset Chief Executive Officer and Co-founder, Mohammad Raafi Hossain.

“We’re bringing it into the digital age.”

He added.

The launch comes as the tokenised gold market exceeds $5.3 billion in value, with XAUT accounting for more than $2.6 billion, making it the largest tokenised gold product by market capitalisation.

Fasset, which operates across Asia and Africa and processes approximately $32 billion in annualised transaction volume, said the integration positions XAUT as both a spending and savings tool for users seeking exposure to gold without holding physical bullion.