CoinDesk
Bybit has launched options trading on Tether Gold (XAUT), bringing institutional-grade gold derivatives to a top-tier crypto exchange for the first time. The European-style contracts are settled in USDT, with each contract representing one troy ounce of physical gold, and are accessible via Bybit's Request for Quote system for OTC execution.
Why it matters
Bybit partnered with Orbit Markets — whose team includes the former APAC Head of Currencies and Precious Metals at Deutsche Bank — to ensure deep liquidity from launch. That pedigree matters: the global gold options market is a multi-billion-dollar industry dominated by CME and India's MCX, and Bybit's entry is the first time a major crypto platform has offered it with TradFi-calibre market-making behind it. XAUT options have existed on smaller venues like CoinCall since November 2024, but institutional desks weren't following. They will now.
Market impact
The launch lands against a backdrop where RWA perpetual futures volumes rose 10.4% to an all-time high in May, even as overall exchange volumes fell 3.45% to $4.41 trillion — the lowest since September 2024. XAUT options give traders a new tool to hedge gold exposure, speculate on price movements, or trade volatility without leaving the crypto rails. As Orbit co-founder Jimmy Yang put it: "Gold options are a cornerstone of traditional derivatives markets, and we are excited to see growing interest in TradFi derivatives within crypto."
Frequently asked questions
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What makes Bybit's XAUT options different from those already available on smaller platforms?
Bybit is the first top-tier exchange to offer XAUT options with institutional-grade liquidity, backed by Orbit Markets whose team includes former Deutsche Bank precious metals executives. Smaller venues like CoinCall listed XAUT options in November 2024 but lacked that market-making depth.
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How are the XAUT options contracts structured and settled?
Each contract is a European-style option corresponding to one XAUT token, which represents one troy ounce of physical gold. Contracts are settled in USDT and are accessible via Bybit's Request for Quote system for over-the-counter execution.
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Why does the launch matter given the broader slowdown in exchange volumes?
Overall exchange volumes fell 3.45% to $4.41 trillion in May, the lowest since September 2024, yet RWA perpetual futures volumes rose 10.4% to an all-time high — signalling that tokenized real-world asset products are attracting flows even in a softer market.
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