Tether and Fastet jointly launched the world's first gold-backed Visa card.

CoinFeed reported on June 3 that Tether announced a partnership with digital bank and investment platform Fastet to launch the world's first Visa debit card backed by digital gold XAU₮. Users can instantly convert XAU₮ to USD₮ and then to fiat currency when making purchases at Visa merchants worldwide, and earn up to 6% XAU₮ cashback on eligible transactions. The card also supports automatically converting any remaining balance from each transaction into XAU₮, passively accumulating gold. Tether will contribute up to $1 million equivalent in XAU₮ to support the card's rewards pool. Fasset operates multi-currency accounts and crypto-asset fiat currency deposit and withdrawal channels in Asia and Africa, and plans to use this to promote the widespread adoption of XAU₮ in emerging markets.