Tether and digital banking platform Fasset have jointly introduced a Visa card that allows users to spend tokenized gold in daily transactions and earn cashback in Tether Gold (XAUT). The card, announced on June 3, 2026, is built on Visa's global payments network and is accepted anywhere Visa is accepted.
The payment flow converts a user's XAUT balance instantly into Tether's USDT stablecoin, and then into the local fiat currency at the point of sale. This mechanism transforms tokenized gold from a static store of value into a practical medium of exchange. Tether CEO Paolo Ardoino noted that historically gold has been a store of value, not a medium of exchange, and said "this initiative changes that narrative."
Cardholders can earn up to 6% cashback in XAUT on eligible purchases, with rewards credited to their wallets in real time. An automatic round-up feature also invests spare change from transactions back into Tether Gold, giving users a simple way to accumulate gold exposure without separate manual purchases. Tether has committed up to $1 million worth of XAUT to support the rewards program.
Each XAUT token represents one fine troy ounce of physical gold held in Swiss vaults and independently audited. At the time of the launch, the tokenized gold market exceeded $5.3 billion, with XAUT accounting for more than $2.6 billion of that total. Gold had reached an all-time high above $5,500 per ounce earlier in 2026, though it was trading around $4,414 at the time of the announcement.
The collaboration marks another expansion for Tether beyond its $187.8 billion market capitalization USDT stablecoin, following recent moves such as a partnership with the Government of Georgia on a digital currency and the acquisition of SoftBank's stake in Twenty One Capital.
