Overview
- Bybit has opened a dedicated options market for Tether Gold (XAUT), offering contracts that give traders rights to buy or sell the token at set prices.
- Each option is European-style, settles in USDT, and maps one contract to one XAUT token, which represents one troy ounce of physical gold.
- Orbit Markets will supply market-making and Request-for-Quote (RFQ) functionality so institutional clients can request custom strikes and expiries without moving the public order book.
- Traders can use the new product to hedge gold exposure, bet on price moves, trade volatility, or write covered calls, but the contracts add standard derivatives risks such as leverage losses and liquidity gaps.
- The launch follows Bybit’s earlier rollouts of XAUT perpetuals and yield products and brings tokenized-gold derivatives onto a major exchange, a step that could attract larger institutional flows while increasing counterparty and platform exposure for users.