Bybit has made history in the crypto world by launching options trading for Tether Gold (XAUT), making it the first exchange to offer options on a tokenized real-world asset.
Each XAUT token represents ownership of one troy ounce of physical gold, allowing traders to run hedging strategies, volatility plays, and directional bets without touching traditional commodities desks.
The new market isn't just a vanilla listing; Bybit partnered with Orbit Markets to implement Request for Quote (RFQ) functionality, designed specifically for institutional clients who need customized options contracts rather than off-the-shelf products.
This RFQ system allows big players to request exactly the contract they want, and market makers compete to fill it. The partnership underscores the growing interest in traditional finance products within crypto markets.