Tether announced plans to launch a Visa-powered neobank card that will allow users to earn cashback in Tether Gold (XAUT) and automatically accumulate tokenized gold through everyday purchases.
Tether, the issuer of USDT, the world’s largest stablecoin by market capitalization, plans to launch a neobank card linked to tokenized gold. The project is being developed in partnership with Fasset, a digital banking and investment platform.
Fasset offers multi-currency accounts, international transfers, debit cards, and access to investments in crypto assets, equities, funds, and commodities. The company is one of the largest providers of digital asset-to-fiat conversion services across Asia and Africa. Approximately $32 billion in annual transaction volume flows through Fasset’s infrastructure, with 95% tied to tokenized real world assets (RWAs).
The new offering represents one of the first attempts to integrate tokenized gold into everyday payments. Cardholders will be able to make purchases in fiat currency at any merchant that accepts Visa. During transactions, users will have the option to convert XAUT into USDT and then into local currency in real time at the point of sale.
Cardholders will be eligible for up to 6% cashback in XAUT. The card will also feature an automatic round-up function, allowing spare change from each purchase to be used to acquire additional tokenized gold. All rewards and accumulated funds will be credited to Fasset wallets in real time.
According to the companies, the tokenized gold market exceeds $5.3 billion in capitalization, with Tether Gold accounting for more than $2.6 billion. To encourage adoption of the new product, Tether plans to allocate up to $1 million in XAUT to fund the rewards program.
Paolo Ardoino, CEO of Tether, said the initiative challenges the traditional view of gold solely as a store of value. According to Ardoino, integrating tokenized gold into payment infrastructure enables the asset to be used in real-world transactions without additional barriers. Mohammad Raafi Hossain, Co-Founder and CEO of Fasset, said the company aims to make Tether Gold one of the most widely used digital assets across emerging markets.
XAUT launched in January 2020. Each token is backed by one troy ounce of physical gold that meets the London Good Delivery standard. As of 2025, the value of Tether’s gold reserves backing the asset reached $8.7 billion. In 2026, Tether announced the launch of an omnichain version of XAUT featuring native crosschain transaction capabilities. At the beginning of the year, XAUT accounted for more than 60% of the tokenized commodities market, which was valued at $6.1 billion at the time.
