Tether has Partnered with Digital Banking Firm Fasset, to launch a Visa Card that allows Users to Spend their Holdings of Tether Gold (XAUT), a Tokenized Gold Asset, anywhere Visa is Accepted.
The Initiative aims to Change the Traditional Role of Gold from being Primarily a Store of Value to a practical Medium of Exchange. When Users make a Purchase with the Card, their XAUT is instantly Converted into Tether’s U.S. Dollar-Packed Stablecoin, USDT, and then into the Local Fiat Currency needed to Complete the Transaction. According to Tether CEO Paolo Ardoino, the Goal is to make Tokenized Gold more Useful in Everyday Financial Activities by Integrating it Seamlessly with Existing Payment Systems.
The Card also includes Incentives, Designed to Encourage Users to Hold and Accumulate Gold-Backed Assets. Eligible Purchases can Earn up to 6% Cashback, which is Paid in Real Time in XAUT, and a Round-Up Feature, Automatically Invests Spare Change from Purchases Back into XAUT.
Each XAUT Token represents One Fine Troy Ounce of Physical Gold Stored in Swiss Vaults and Independently Audited. The Token, which was First Launched on Ethereum and later Expanded to Other Networks such as BNB Chain, currently has a Market Capitalization of Approximately $2.7 billion.
Although Gold Reached Record Highs Earlier this year, both Physical Gold and XAUT were Trading around $4,414 per Ounce on Wednesday, roughly 20% Below their Annual Peak. Overall, the Nnew Visa Card Represents Tether’s Effort to Bridge Traditional Assets, Stablecoins, and Everyday Payments by Making Tokenized Gold Easier to Spend and Invest in.
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