Bybit today announced the launch of XAUT options, becoming the first crypto exchange to offer options on a tokenized real-world asset (RWA).

The launch marks a new milestone in the evolution of tokenized assets, bringing one of the most widely traded derivatives instruments to tokenized gold. Backed by physical gold, XAUT gives traders digital access to one of the world's most established stores of value. With XAUT options, traders can hedge risk, express market views, and access volatility opportunities through a crypto-native trading environment.

To support the launch, Bybit is partnering with Orbit Markets, a leading options liquidity provider and long-standing liquidity partner on the platform. Orbit Markets brings deep expertise across both digital asset and traditional finance derivatives markets, helping deliver robust liquidity and efficient execution for XAUT options trading.

Bybit and Orbit Markets are also introducing Request for Quote (RFQ) functionality for XAUT options, enabling institutional and professional clients to access customized over-the-counter (OTC) options trading. Through RFQ, traders can request firm quotes for non-standard strikes, tailored expiries, and multi-leg strategies, providing greater flexibility for larger or more complex trading requirements.

The addition of RFQ capabilities complements exchange-listed XAUT options and further strengthens Bybit's ability to serve both on-screen and institutional liquidity needs as demand for tokenized asset products continues to grow.

"Bybit is proud to be the first crypto exchange to launch options on real-world assets," said Yoyee Wang, Head of Institutional and Enterprise Business at Bybit. "As tokenization accelerates, we believe the distinction between crypto and TradFi will continue to narrow."

"We are pleased to deepen our partnership with Bybit through the launch of XAUT options," said Caroline Mauron, the CEO at Orbit Markets. "Gold options are a cornerstone of traditional derivatives markets, and we are excited to see growing interest in TradFi products within crypto."

The launch reflects Bybit's commitment to expanding access to tokenized real-world assets and building a more connected financial ecosystem. By bridging traditional asset exposure with crypto-native infrastructure, Bybit continues to broaden the range of tools available to traders across both digital and traditional markets.