Bybit, the world's second-largest cryptocurrency exchange by trading volume, has become the leading centralized platform for spot trading of Tether Gold (XAUT), commanding approximately 15.75% of the total XAUT trading volume among centralized venues, according to CoinGecko data. This announcement coincides with XAUT reaching new all-time highs around $5,500, closely tracking spot gold's breakout above $5,000 per ounce.
The surge in gold and its tokenized counterpart is attributed to a confluence of macroeconomic factors, including rising uncertainty, persistent inflation risks, geopolitical tensions, and continued accumulation of gold by central banks. "Spot gold rose over 64% in 2025 — its biggest annual gain since 1979," noted Han Tan, Chief Market Analyst at Bybit Learn. He added, "As long as the macro backdrop remains conducive, and central banks and ETF investors sustain their purchases, gold should have little trouble posting fresh all-time highs in 2026."
Bybit has emerged as the primary hub for liquidity and price discovery for XAUT, with trading activity remaining robust even during weekends and periods when traditional commodities markets are closed. This positions the exchange as a central venue for traders seeking real-time exposure to gold. Emily Bao, Head of Spot at Bybit, stated, "Gold's resurgence is being mirrored on-chain through XAUT, and traders are choosing Bybit as their primary venue to trade. Our focus has been on building the deepest liquidity and most reliable market access."
The concentration of XAUT trading on Bybit reflects a broader market trend where participants are increasingly turning to tokenized real-world assets (RWAs) like gold-backed tokens. These assets allow traders to balance volatility in digital asset portfolios while retaining the speed and accessibility of cryptocurrency markets.
To cater to this demand, Bybit offers a comprehensive suite of products for XAUT. Traders can engage in spot trading, margin trading with up to 10x leverage, and derivatives trading with up to 50x leverage. The exchange supports XAUT deposits across multiple blockchains, including Solana, Ethereum, Mantle, Monad, and TON. Additionally, automated strategies like DCA/recurring buys and Grid Bot are available, alongside on-chain tools for alpha trading and yield farming.
