Tether Launches Tokenized Gold Visa Card With Crypto Rewards
Tether has launched a Visa card backed by its tokenized gold (XAUT), allowing holders to spend their digital gold directly at any merchant that accepts Visa, with rewards paid in cryptocurrency.
Tether, the issuer of the world's largest stablecoin (USDT), has launched a new Visa card backed by its tokenized gold (XAUT). The card enables holders to spend their digital gold instantly anywhere Visa is accepted, earning crypto rewards on purchases.
The Product
The new card allows XAUT (Tether's tokenized gold) holders to use it as a direct payment method across Visa's global network. Gold is automatically converted to local currency at the time of payment, eliminating the need to manually sell gold first.
Pricing and Availability
Tether has not disclosed card fees or an exact launch date but confirmed the card will be available to XAUT holders in Visa-supported markets.
Competition
The card enters a growing market of gold-backed and crypto payment cards, competing with offerings from Paxos and Crypto.com. However, Tether leverages its massive stablecoin user base.
Potential Impact on the Company
This launch could increase demand for XAUT and strengthen Tether's position in the payments space. It may also positively impact Visa (V) by driving transaction volume.
Frequently Asked Questions
Found this useful? Share it