Today, we are pleased to announce our capacity to offer OTC options strategies on tokenised commodities to professional institutional clients. Why? The listing of perpetual futures on tokenised commodities by Binance was a significant moment for the asset class. With the launch of the PAXG/USDT perpetual contract in March 2025, followed by XAUT/USDT, it brought institutional-grade, 24/7 derivatives trading on tokenised gold — represented by PAX Gold (PAXG) and Tether Gold (XAUT), which together account for approximately 97% of the tokenised gold market — onto a deeply liquid venue. That listing helped validate tokenised commodities as a tradeable asset class and contributed to a growing wave of institutional interest that has continued since.
At Darley Technologies AG, a firm with roots in crypto markets dating to their early development and among the first OTC desks to trade options on digital assets, we had been following this evolution closely — and responding to what our clients were telling us they needed: tailored options strategies that spot and perpetual markets alone cannot provide.
Building on our experience as one of the earlier OTC desks to trade cryptocurrency options, we are extending that capability to tokenised real-world commodities. This follows sustained requests from our professional client base seeking options exposure to commodity-backed digital assets, at a time when macroeconomic volatility and elevated commodity prices have sharpened the need for more precise risk management tools.
Addressing a Gap in the Market
While spot and CFD trading in tokenised commodities has attracted growing institutional attention, the availability of options on these underlyings has remained limited. We have invested in building the operational, legal, and pricing infrastructure to offer bespoke options strategies — including vanilla calls and puts, spreads, and multi-leg structures — on tokenised commodity underlyings, settled bilaterally OTC.
The tokenised real-world asset (RWA) market exceeded $36 billion (excluding stablecoins) as of late 2025, representing growth of over 2,200% since 2020, according to RWA.io. Tokenised commodities, led by gold, reached approximately $1.9 billion in market capitalisation in early 2025, with gold tokens alone accounting for an estimated $6 billion by late in the year. Industry participants project the tokenised gold market could reach $15 billion by end-2026, as institutional demand for capital-efficient, round-the-clock access to safe-haven assets continues to grow.
Looking further ahead, a joint Ripple–BCG report projects the total tokenised RWA market to expand from approximately $0.6 trillion today to $18.9 trillion by 2033, at a compound annual growth rate of 53%.
Built for Professional Clients, Anchored in Switzerland
We operate as a Swiss-incorporated entity, benefiting from Switzerland’s well-established legal framework for digital assets — one of the more developed regulatory environments globally for the sector. We work exclusively with professional and institutional clients in accordance with applicable Swiss financial legislation.
“Our clients were not simply looking for another way to access tokenised gold — a number of routes already exist for that. They were looking to structure around it: manage downside, hedge existing commodity exposure on-chain, or generate yield through options. That is what we have built the capability to offer.”
— Vincent Bernard, Head of Business Development, Darley Technologies AG
What We Offer
We are offering tailored OTC options strategies on tokenised commodity underlyings including, but not limited to, PAX Gold (PAXG) and Tether Gold (XAUT). Our offering is available to professional clients subject to onboarding, jurisdictional eligibility, and counterparty documentation requirements. Options are offered bilaterally, with terms, notional sizes, and maturities agreed on a trade-by-trade basis.
We welcome enquiries from professional clients wishing to discuss their specific requirements with our trading desk.
About Darley Technologies AG
We are a Swiss-based OTC desk specialising in digital asset options, incorporated in Zug, Switzerland. Among the earlier OTC desks to trade cryptocurrency options, we serve institutional and professional clients seeking considered digital asset execution and tailored options strategies.
This announcement is directed exclusively at professional clients as defined under applicable Swiss law and is not intended for retail investors. It does not constitute an offer or solicitation to any person in any jurisdiction where such communication would be unlawful.