Bybit just gave gold bugs a new toy. The exchange launched options trading for Tether Gold (XAUT) on June 12, making it the first crypto exchange to offer options on a tokenized real-world asset.
Each XAUT token represents ownership of one troy ounce of physical gold. Now traders can run hedging strategies, volatility plays, and directional bets on that gold exposure without ever touching a traditional commodities desk.
What Bybit actually built
The new XAUT options market isn’t just a vanilla listing. Bybit partnered with Orbit Markets to implement Request for Quote (RFQ) functionality, a mechanism designed specifically for institutional clients who need customized options contracts rather than off-the-shelf products.
Standard options on an exchange let you pick from predetermined strike prices and expiration dates. RFQ systems let big players request exactly the contract they want, and market makers compete to fill it.
