Key Takeaways:
- Tether and Fasset have launched the world’s first gold-backed neobanking Visa card, allowing users to seamlessly convert Tether Gold (XAU₮) to USD₮ and then to fiat at the point of sale.
- The platform features a rewards layer offering up to 6% cashback in XAU₮ on eligible transactions alongside an automatic spare-change round-up function for passive gold accumulation.
- Backed by Fasset’s infrastructure in Asia and Africa, Tether is committing up to $1 million in XAU₮ to fund the rewards ecosystem and accelerate the real-world utility of tokenized digital gold.
Transforming Gold into a Medium of Exchange
Tether has partnered with Fasset, a digital banking and investment platform, to create the world’s first gold-backed neobanking Visa card. The partnership between Tether and Fasset aims to transform tokenized gold from a store of value into a medium of exchange.
Tether Collaborates with Fasset to Launch the First Gold-Backed Card, Unlocking Real-World Utility for Digital Gold
Learn more: https://t.co/Qdp5GxGQhk— Tether (@tether) June 3, 2026
Paolo Ardoino, CEO of Tether, stated that while gold has historically been a medium of exchange for preserving the value of an asset, the partnership with Fasset will allow people to connect the stability of both stablecoins and tokenized gold with the medium of exchange that is the Visa network to remove borders between consumers globally.
The new Fasset-issued Visa card features integrated technology that allows it to interact with Fasset’s native wallets.
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Real-Time Conversion and Reward Mechanisms
By using the new Tether and Fasset card, users can spend their fiat currency from across the world from millions of merchants on the Visa network. However, at the point of purchase, the Tether and Fasset system will automatically convert the user’s Tether Gold (XAU₮) into USD₮.
This will then be instantly converted into the fiat currency of the country from which they are purchasing. Furthermore, the Tether and Fasset card features a rewards program that will pay up to 6% cashback in XAU₮ tokens on all their purchases.
Furthermore, Tether and Fasset have included a round-up feature that will automatically purchase XAU₮ for the user each time they make a purchase and have leftover change from their transaction.
Addressing the Need for Liquidity in Emerging Markets
The need for an efficient digital banking platform for emerging markets has become increasingly apparent in the last year. The market capitalization of all digital gold tokens has passed the $5.3 billion mark. Tether’s XAU₮ represents the majority of that value at over $2.6 billion.
Fasset aims to make the digital banking and investment platform available in high-growth markets in Asia and Africa. Fasset’s CEO and Co-Founder, Mohammad Raafi Hossain, stated that Fasset’s platform collects $32 billion in transaction volume every year from real world assets.
The company aims to use its widespread availability of digital and investment platforms to become the most widely held digital gold token in the developing world. Tether also committed up to $1 million in physical gold tokens to the program to fund the initial rewards for users of the new Tether and Fasset card.
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