Binance has introduced European-style gold and silver options that settle in Tether (USDT), marking a notable step in crypto's expansion into traditional commodity markets. The contracts, listed on July 29 through Binance's ADGM-regulated Nest Exchange, follow the exchange's January launch of USDT-settled metals perpetuals. This move underscores a broader trend of crypto platforms offering exposure to conventional assets using stablecoins as the settlement currency.
Shunyet Jan, head of exchange and trading at Binance, highlighted the demand for commodity perpetuals since their introduction. "With gold hitting record highs and investors seeking inflation hedges outside traditional equities, Binance's commodity options offer users additional compliant, crypto-native ways to diversify without leaving the platform," he said. However, gold was not at a record when the options were listed; spot gold traded near $4,676 per ounce on August 25, roughly $920 below January's peak of $5,597.
MEXC launched zero-fee gold and silver futures in January, quoted in USDT and USDC pairs. Hyperliquid, a decentralized trading venue, has also gained attention for offering perpetual swaps on oil, the S&P 500, and gold. These platforms allow users to deposit crypto as collateral and trade traditional assets, a concept Wojciech Kaszycki, founder and chairman of Mobilum Technologies, described on the On The Margin podcast: "The only difference is that we are not saying now spend your crypto. We are saying deposit your crypto, use it as a collateral, borrow against it and use your wealth freely."
Bruno Caratori, co-founder and global CEO of crypto asset manager Hashdex, pointed to Hyperliquid as a prime example of product-market fit beyond pure crypto trading. "You can go on Hyperliquid and trade a perpetual swap of oil, of the S&P 500, of gold," he said. S&P Dow Jones Indices licensed the S&P 500 to Trade[XYZ] on March 18, the first licensed perpetual on that benchmark. Ostium, another platform, lists commodity and equity index perps cash-settled in stablecoins.
Kaledora Kiernan-Linn, co-founder and CEO of Ostium, noted the contrarian thesis behind this development: "Very contrarian thesis at the time when we first started the company that perpetuals were going to be the largest category in blockchain and that TradFi or traditional asset perpetuals would be the biggest blockbuster product to come out of crypto after stable coins."
Gold's role as a wedge for crypto adoption is also evident in tokenized gold products. Streamex issues a gold-backed token, GLDY, that pays up to 4% annualized yield by leasing the metal to jewellers through partner Monetary Metals. CEO Henry McPhie explained, "Now all of a sudden gold is no longer the pet rock that sort of sits there. You actually have an interest component to it." Streamex aims to have $1 billion in GLDY by the end of 2026.
Central banks have been accumulating gold at a robust pace, buying an average of about 1,000 tonnes per year over the past four years, double the 500-tonne average of the preceding decade, according to the World Gold Council's 2026 reserves survey. Of 76 respondents, 89% expect global official holdings to rise over the next 12 months, and 74% expect dollar holdings to fall as a share of reserves.
Regulatory clarity in the US has also shifted. On March 17, the CFTC and SEC issued a joint interpretation separating digital commodities from securities, covering airdrops and staking. CFTC Chairman Michael Selig said, "For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws. With today's interpretation, the wait is over."
Tether has also moved into physical commodities, acquiring 70% of Adecoagro, a South American sugar and dairy producer, for about $600 million. Reuters reported the aim is to embed USDT in physical commodity settlement. CEO Paolo Ardoino said, "Our acquisition of Adecoagro reflects Tether's commitment to advancing sustainable, real-world infrastructure in regions where investment has historically been limited."
The key takeaway is not the novelty of gold and silver derivatives, which have existed for decades, but the choice of USDT as the settlement currency by a major exchange like Binance, and the parallel moves by MEXC and Hyperliquid. How regulators outside ADGM treat these contracts will be a critical factor to watch. As Kiernan-Linn put it, "Macro the new reality TV is sort of our quippy way of putting this."
This article is for informational purposes only and does not constitute financial advice.
