[DigitalToday reporter Chi-gyu Hwang] Tether, the issuer of the world’s largest dollar stablecoin USDT, is partnering with fintech company Fasset to launch a Visa card that offers cashback in the gold-linked stablecoin XAUT.
Fasset is a major digital asset exchange service provider operating in Asia and Africa. It raised $22 million through a Series A funding round in 2022.
The card introduced by Tether runs on the Visa network and can be used to pay in fiat currency at Visa merchants worldwide. It will pay up to 6 percent cashback in XAUT for eligible transactions. It also supports payments by converting USDT into fiat currency.
Tether CEO Paolo Ardoino (파올로 아르도이노) said, "It will connect stablecoins and tokenised gold to a real-world payment system, allowing users to hold gold and invest in the way they want."
XAUT is issued by Tether affiliate TG Commodities Limited. Tether Gold currently holds about 24 tonnes of gold as reserves. XAUT has a market capitalisation of about $2.6 billion.
Chi-gyu Hwang
delight@d-today.co.kr