Tether, Fasset launch Visa card with gold backed rewards

Tether, the world's largest stablecoin issuer, has partnered with fintech firm Fasset to launch a Visa payment card that rewards users with its gold-backed digital asset, XAUT. The card, announced Wednesday, is designed to allow global spending while integrating tokenized gold into everyday transactions.

The card will operate on the Visa network, enabling purchases anywhere Visa is accepted. Cardholders will spend traditional fiat currencies but can earn up to 6% cashback in XAUT on eligible transactions. Additionally, the card features an automatic round-up function, investing spare change from each purchase into XAUT. The system also allows users to convert Tether's U.S. dollar-pegged stablecoin, USDT, into fiat currency at the point of sale to complete transactions.

Fasset, a digital asset services provider with a focus on Asia and Africa, will issue the card and provide the underlying banking and wallet infrastructure. The company, which raised $22 million in Series A funding in 2022, offers multi-currency accounts and digital asset conversion tools. The partnership aims to leverage Fasset's regional distribution and Tether's digital asset expertise to expand the practical...