Bybit Launches XAUT Options, the First Options on Tokenized Gold at a Crypto Exchange

Bybit launched options on Tether Gold (XAUT) on June 12, 2026. The exchange said this made it the first crypto exchange to offer options on a tokenized real-world asset.

What launched

XAUT options let traders hedge gold exposure or take a view on gold prices and volatility from their Bybit account. XAUT is backed by physical gold, so the options give indirect exposure to gold through a crypto-native product.

Liquidity and RFQ

Bybit is working with Orbit Markets, an options liquidity provider that already supplied liquidity on Bybit, to make markets in the new contracts. The two firms also added Request for Quote (RFQ) trading for XAUT options. Through RFQ, institutional and professional clients can ask for firm quotes on non-standard strikes, custom expiries and multi-leg strategies, which suits larger or more complex trades than the listed contracts.

Comments from the companies

Yoyee Wang, Bybit's Head of Institutional and Enterprise Business, said the company expects the line between crypto and traditional finance to keep narrowing as more assets are tokenized. Caroline Mauron, CEO of Orbit Markets, pointed to gold options as a core product in traditional derivatives markets.

Options are complex and can lose value quickly. Users should check the contract specifications and margin rules on Bybit before trading.