$1M of XAUT rewards is tiny next to a ~$2.7B XAUT market cap, but distribution beats TVL theater if it lands in wallets across Fasset’s Asia/Africa rails. Tether has already tried gold as collateral with Alloy and as dividends with Elemental; a Visa wrapper turns the same asset into a daily DCA mechanic via cashback and round-ups. The weak point is still the path XAUT -> USDT -> fiat at swipe time: adoption lives or dies on spread, settlement latency, and whether users keep the gold after the reward hits.

Top comment by @Benthic