Tether · CoinDesk
Bybit’s launch brings this established asset class on-chain for the first time on a major crypto platform
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XAUT options have been available on smaller platforms like CoinCall since November 2024, but Bybit’s entry marks the first time a top-tier exchange has offered them with institutional-grade liquidity support.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- As tokenization accelerates, we believe the distinction between crypto and TradFi will continue to narrow,” said Jimmy Yang, co-founder of Orbit Markets
- XAUT options have been available on smaller platforms like CoinCall since November 2024, but Bybit’s entry marks the first time a top-tier exchange has offered them with institutional-grade liquidity
- The XAUT options are European-style contracts settled in dollar-pegged stablecoin USDT, with each options contract corresponding to one XAUT token, which itself represents one troy ounce of physical
Summary
These options, settled in USDT, let traders hedge risk, speculate on gold prices. Bybit has partnered with options market maker Orbit Markets to ensure institutional-grade liquidity. Bybit, one of the world’s top cryptocurrency exchanges by trading volume, has launched options trading on Tether Gold (XAUT), a token that provides you ownership of real physical gold. Bybit partnered with Orbit Markets, a leading crypto options market maker, to ensure deep liquidity from the start. “As tokenization accelerates, we believe the distinction between crypto and TradFi will continue to narrow,” said Jimmy Yang, co-founder of Orbit Markets.