CME Group, the largest derivatives marketplace in the U.S., launched XRP futures trading on Sunday, marking its fourth cryptocurrency product after BTC, ETH, and SOL futures. On Tuesday, CME Group reported that the first day saw over $19 million in notional volume traded. These XRP futures are available in micro-sized (2,500 XRP) and larger-sized (50,000 XRP) contracts, cash-settled to the CME CF XRP-Dollar Reference Rate.
Giovanni Vicioso of CME Group stated the XRP futures will provide investors with tools to support cryptocurrency investment strategies. Solana futures, launched on March 17, generated $12.3 million in first-day trading volume. Bitcoin futures debuted in December 2017 with $102.7 million in volume, while Ethereum futures saw $31 million on their first day in February 2021.
Hidden Road cleared the first XRP futures trade. Noel Kimmel of Hidden Road highlighted the importance of this launch for institutional adoption and enhanced liquidity around XRP.
This article is based on our author's analysis of materials taken from The Block.