Tether Gold Goes Full Deribit: Bybit Drops XAUT Options Settled in USDT 🪙

Bybit has launched options trading on Tether Gold (XAUT), a token that provides direct ownership of physical gold, opening a new venue for traders to hedge and speculate on the precious metal using crypto-native rails. The contracts went live on June 16, 2026, and are settled in the dollar-pegged stablecoin USDT.

Each contract corresponds to one XAUT token, which represents one troy ounce of physical gold, and the instruments are structured as European-style options tradable through Bybit's Request for Quote (RFQ) system for over-the-counter (OTC) deals. The exchange partnered with Singapore-based options market maker Orbit Markets to supply institutional-grade liquidity from launch. Orbit's team includes former senior executives from precious metals trading desks, notably 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," said Jimmy Yang, co-founder of Orbit Markets. "Gold options are a cornerstone of traditional derivatives markets, and we are excited to see growing interest in TradFi derivatives within crypto."

The XAUT options join an established global gold derivatives market that is dominated by exchanges such as the CME and India's MCX, with a significant share of volume transacted over the counter. XAUT options had previously been available on the smaller venue CoinCall since November 2024, but Bybit's launch marks the first time a top-tier crypto exchange has offered the product alongside its existing digital asset lineup.