XRP Futures Traded for the First Time on CME Group's US Derivatives Exchange

XRP futures traded for the first time on the Chicago Mercantile Exchange (CME) Group's US derivatives exchange on May 19, offering

The Chicago Mercantile Exchange (CME) Group’s US derivatives exchange began trading in futures tied to the cryptocurrency XRP on Friday, providing market participants with new tools to hedge risk and gain exposure to the token’s price movements as the Ripple-linked coin’s mainstream adoption continues.

The futures, which are settled in cash and not physical XRP, are linked to two types of contracts. The first is a micro contract, which is equal to 2,500 XRP, while the second is a standard contract, which is linked to 50,000 XRP.

The new futures come after Coinbase launched XRP and nano XRP futures contracts on its own derivatives exchange in April. They are also the second regulated XRP futures to hit the US market.

The first day of trading saw 4 standard contracts, which add up to around $480,000 in notional volume at an average price of $2.40, change hands on the exchange, according to CME data. The majority of activity came from 106 micro contracts, which account for over $1 million in day one trading volume.

“The launch of regulated XRP Futures on @CMEGroup marks a key institutional milestone for XRP,” said Brad Garlinghouse, CEO of Ripple, via X post on Monday, adding that Hidden Road executed the first block trade.

CME already lists futures contracts for Bitcoin (BTC) and Ethereum (ETH). US regulators approved exchange-traded funds for both of those cryptocurrencies last year.

The rollout of XRP futures on CME comes after efforts by the two parties to settle the SEC's protracted lawsuit against Ripple hit a wall in court.

As ZyCrypto covered last week, Judge Analisa Torres denied a joint request by the two parties to approve a settlement that would have seen the regulator's claims against the crypto firm be fully released in exchange for a $50 million payment from Ripple. The ruling keeps Ripple's legal woes alive and adds uncertainty over the timeline for spot XRP ETF approvals.

The prototypes for the new futures contracts were announced in March and are part of a broader move by CME to expand its offerings in crypto assets.

Earlier this year, CME Group also launched futures contracts for Cardano and Solana, further expanding its institutional-grade crypto derivatives products beyond Bitcoin and Ethereum.

The prototypes for the new futures contracts were announced in March and are part of a broader move by CME to expand its offerings in crypto assets.

Earlier this year, CME Group also launched futures contracts for Cardano and Solana, further expanding its institutional-grade crypto derivatives products beyond Bitcoin and Ethereum.