These options allow traders to manage risk and speculate on gold prices, all settled in USDT.
By Omkar Godbole|Edited by Shaurya Malwa Jun 16, 2026, 5:52 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bybit now offers options linked to Tether Gold. (Scottsdale Mint/Unsplash/Modified by CoinDesk)SummaryShow- Bybit has rolled out options trading for Tether Gold (XAUT).
- These options, which are settled in USDT, allow traders to hedge against risks and speculate on gold price fluctuations.
- To facilitate liquidity, Bybit has collaborated with Orbit Markets, a prominent options market maker.
Bybit, recognized as one of the leading cryptocurrency exchanges globally by trading volume, has introduced options trading for Tether Gold (XAUT), a digital asset that provides ownership of actual gold.
The XAUT options are now operational, enabling traders to manage risks, speculate on gold price trends, engage in volatility trading, and create tailored strategies through Bybit’s Request for Quote (RFQ) system for over-the-counter (OTC) transactions.
Bybit has teamed up with Orbit Markets, a well-known options market maker in both the cryptocurrency and traditional finance sectors, to ensure substantial liquidity from the outset. Orbit’s team boasts considerable expertise, including former senior leaders from precious metals trading desks, particularly the ex-APAC Head of Currencies and Precious Metals at Deutsche Bank.
“As tokenization accelerates, we believe the distinction between crypto and TradFi will continue to narrow,” remarked Jimmy Yang, co-founder of Orbit Markets. “Gold options are fundamental to traditional derivatives markets, and we are thrilled to witness increasing interest in TradFi derivatives within the crypto space.”
The XAUT options are structured as European-style contracts settled in the USDT stablecoin, with each option corresponding to one XAUT token, representing a troy ounce of physical gold.
Understanding Options
Options are derivative contracts that grant the buyer the right, but not the obligation, to purchase or sell an underlying asset at a predetermined price before or on a specific date. A call option provides the right to buy, while a put option allows for selling.
Consider it akin to paying a small fee (the premium) for the right to purchase a property at today’s price in the future. If the value increases, you can still acquire it at the lower agreed price. If it declines, you can walk away and only forfeit the premium. That’s how a call works. Conversely, a put operates in the opposite manner.
Traders commonly utilize options to mitigate directional risks or to express opinions on volatility.
Market Overview
The global gold options market is already a billion-dollar industry, led by exchanges such as the CME and India's MCX, with a significant portion of the trading occurring OTC.
Bybit’s introduction of options marks the first time this established asset class is available on-chain on a major cryptocurrency platform.
While XAUT options have been accessible on smaller exchanges like CoinCall since November 2024, Bybit's entry signifies the first instance where a top-tier exchange offers them with robust institutional-grade liquidity support.
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By CoinDesk Research18 hours agoIn May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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