Bybit launches Tether Gold options market, a first for $3B tokenized RWAs

Bybit launched the first dedicated options market for Tether Gold on June 16, giving traders access to derivatives on the $3 billion tokenized gold asset.

The exchange said the product allows users to trade options contracts settled against XAUt, Tether's gold-backed token that represents ownership of physical gold stored in Swiss vaults. "This launch marks a significant step in bridging traditional finance strategies with the digital asset ecosystem," a Bybit spokesperson said.

XAUt has a market capitalization of $3 billion and is backed by 22,169 kilograms of physical gold, according to Tether. The tokenized gold market has drawn increased interest as gold prices hit an all-time high above $5,300 per ounce earlier this year, though they have since retreated about 19 percent. Tether's gold-backed XAUt remains the dominant tokenized gold product, while the company recently wound down its smaller aUSDT stablecoin, which was also backed by gold and had a market cap of just $1.2 million.

The options market enables 24/7 trading and near-instant settlement, differentiating it from traditional gold options that operate within exchange hours and require multi-day clearing. The broader tokenized real-world asset market has grown rapidly. Tokenized equities alone hold roughly $1.57 billion in distributed value, up nearly fivefold from about $330 million a year ago, according to RWA.xyz. RWA perpetual futures volumes also hit a record high in May, rising 10.4 percent even as combined centralized exchange volumes fell to their lowest since September 2024 at $4.41 trillion, according to CoinDesk Research.

The launch sets a precedent for other exchanges to introduce derivatives on tokenized real-world assets, potentially accelerating institutional adoption of onchain financial products. Bybit's move comes as competition intensifies among crypto platforms to offer access to traditional asset classes through blockchain infrastructure. Coinbase recently introduced tokenized U.S. equities for non-U.S. investors, while Exodus launched a marketplace for more than 200 tokenized stocks and ETFs through a partnership with Ondo Finance. Standard Chartered has projected the tokenization market could push DeFi assets to $2.7 trillion by 2030, highlighting the scale of opportunity exchanges are racing to capture. For institutional investors, the ability to hedge gold exposure through onchain options without leaving the crypto ecosystem could drive significant capital inflows into tokenized gold products.

This article is for informational purposes only and does not constitute investment advice.