Fasset, the digital asset and stablecoin neobanking platform, has partnered with Tether to launch a gold-backed Visa card. The new offering aims to integrate real-world spending with investments in tokenised gold, targeting users in emerging markets across Asia and Africa.
Quick Facts
- Allows global spending in USD at Visa merchants.
- Offers up to 6% cashback in Tether Gold (XAU₮).
- Automatic round-up feature invests spare change.
Bridging Daily Spending with Gold Investment
The card allows users to make everyday purchases in USD anywhere Visa is accepted while earning rewards in Tether Gold (XAU₮), a digital token backed by physical gold. The cashback system is tiered, with rewards of up to 6% linked to different spending levels.
A key feature is the automatic round-up function. Each transaction is rounded up to the nearest dollar, with the difference automatically invested into XAU₮. This allows users to accumulate tokenised gold through their regular spending habits. The card is directly integrated with Fasset’s wallet infrastructure, crediting cashback rewards in real time.
Tether Backs Launch with $1M Rewards Fund
Tether has committed up to $1 million in XAU₮ to support the card’s rewards system, aiming to encourage the adoption and use of tokenised gold as a practical asset. The company highlighted that the initiative connects the utility of stablecoins and tokenised assets to established real-world payment networks.
Paolo Ardoino, CEO of Tether, said, “By collaborating with foundational systems that make digital assets practical and accessible globally, we extend the utility of our ecosystem: connecting stablecoins and tokenised gold to real-world payment systems, giving users the option to hold gold and spend it when they choose without friction or borders.”
This launch comes as stablecoin circulation surpasses US$300 billion, with Tether’s USD₮ accounting for over $186 billion.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, commented on the company’s vision, stating, “With US$32 billion in annualised volume, 95% of which is held in real-world assets, and the world’s first gold-backed neobanking card, Fasset is building the infrastructure to make Tether Gold the most widely held digital gold token in emerging markets.”
About Fasset
Fasset is a digital asset neobanking platform that provides multi-currency accounts, transfers, instant settlements, and a debit card. It offers users access to investments in a range of assets, including crypto, equities, funds, and commodities. The company operates across Asia and Africa and also facilitates USD₮-to-fiat conversions as an off-ramp provider.
Source: Fintech News Middle East
