CME Group通過推出XRP期貨在加密貨幣上加倍

在《期貨廣播節目播客》上發表講話，蒂姆·麥考特（Tim McCourt

Derivatives exchange CME Group is now offering micro and standard futures contracts on XRP, both of which will launch on 19 May, Global Head of Equity and FX Products Tim McCourt has revealed.

衍生品交易所CME Group現在在XRP上提供微型和標準期貨合約，這兩者都將於5月19日啟動，全球股權和FX產品負責人蒂姆·麥考特（Tim McCourt）透露。

Speaking on the Futures Radio Show podcast, McCourt said the move follows «clearly articulated customer demand.»

麥考特在《未來廣播節目播客》上發表講話時說，此舉遵循“明確闡明的客戶需求”。 »

Institutions want to trade futures on XRP in the same way they trade single-stock e-minis, micro e-minis, options and other instruments that are already listed on CME.

機構希望以XRP的方式交易期貨，就像他們交易單股E-Minis，Micro E-Minis，選項和其他已在CME上列出的工具一樣。

“It’s a natural progression,” McCourt said.

麥考特說：“這是自然的進步。”

“We’re trying to make it as easy and familiar as possible, such that they can plug and play XRP and Solana futures the same way they’re trading Bitcoin, Ether, micro e-minis, options, all these things.”

“我們正在嘗試使其盡可能容易和熟悉，以便它們可以像交易比特幣，以太，微米，選擇，選項一樣插入XRP和Solana期貨。”

Cash-settled against the CME CF XRP Reference Rate, which is published at 11:00am ET each day, the micro contract will represent 2,500 tokens, compared with 50,000 for the standard contract. Both will be margin-offsettable against CME’s existing Bitcoin and Ether products, a feature McCourt believes will “only increase in value” as cross-asset strategies proliferate.

針對CME CF XRP參考率的現金分配，該參考率每天在美國東部時間上午11:00發布，微型合同將代表2500個令牌，而標準合同為50,000。兩者都將與CME現有的比特幣和以太產品相比，麥考特（McCourt）認為，隨著跨組件策略的增殖，麥考特（McCourt）的功能將“僅增加價值”。

The Chicago exchange’s deployment of a dual-size contract structure for the launch of Solana futures earlier this year, and now for XRP, comes as its crypto franchise is scaling at an unprecedented clip.

芝加哥交易所（Chicago Exchange）在今年早些時候啟動Solana Futures的雙重合同結構，而對於XRP，其加密貨幣特許經營權正在以空前的剪輯進行擴展。

“Q1 2025 was our third record quarter in a row for cryptocurrency volume, effectively done with just Bitcoin and Ether,” McCourt said.

麥考特說：“第1季度2025是我們連續第三個記錄季度的加密貨幣量，實際上是通過比特幣和以太幣完成的。”

CME has already added Solana futures—and options—to the mix, but XRP is the first asset beyond the top two to debut with a dual-size contract structure on day one.

CME已經將Solana Futures（和選項）添加到了混合中，但是XRP是第一天通過雙重合同結構首次亮相的第一個資產。

“It might be the first time we’ve listed both flavors or both sizes of a contract at the same time,” McCourt acknowledged. “And you’re absolutely right—it really speaks to the wide range of demand for these futures on Solana and XRP.”

麥考特承認：“這可能是我們第一次同時列出合同的口味或兩種大小。” “而且您絕對是對的 - 這確實說明了Solana和XRP對這些未來的廣泛需求。”

Institutional desks appear to be driving the bus. ETFs that hold physical XRP are expected to lean on futures for create-and-redeem cycles, using the contracts as “a key ingredient,” McCourt said, “in some of the synthetic create-redemption processes that are happening to enable the success of the ETF ecosystem.”

機構辦公桌似乎正在開車。麥克庫特說，持有物理XRP的ETF預計將依靠創建和贖回週期的期貨，以“關鍵成分”，麥考特說：“在某些正在發生的合成創建贖回過程中，這些過程正在實現ETF生態系統的成功。”

For market makers, the micro contract offers tighter granularity for inventory management, while proprietary trading firms gain a standardized avenue to express relative-value views between XRP, Bitcoin and Ether without incurring custodial risk.

對於做市商而言，微型合同為庫存管理提供了更嚴格的粒度，而專有貿易公司獲得了標準化的途徑，以表達XRP，Bitcoin和Ether之間的相對價值觀點，而不會產生託管風險。

CME’s positioning also reflects a larger philosophical bet: that the next wave of crypto growth will migrate toward regulated, centrally cleared venues.

CME的定位還反映了一個更大的哲學賭注：下一波加密貨幣增長將朝著受監管的，中央清除的場所遷移。

“When we first started talking about [crypto] in 2015, people thought we had sort of no spot at the table,” McCourt recalled. “Tradfi was an insult—which was pretty weird, if I’m being honest. But we’ve come a long way.”

麥考特回憶說：“當我們在2015年第一次開始談論[加密]時，人們認為我們在桌子上沒有任何地方。” “ Tradfi是一種侮辱 - 如果我說實話，那很奇怪。但是我們已經走了很長一段路。”

He noted that CME was recently named the most trusted crypto exchange by Forbes, adding, “Trading at CME is one of the most efficient and certainly the most trusted ways to trade cryptocurrency.”

他指出，CME最近被福布斯評為最值得信賴的加密交易所，並補充說：“在CME進行交易是交易加密貨幣的最有效，最值得信賴的方法之一。”

Regulatory tailwinds have helped. Crudele observed that the Trump administration has taken a distinctly pro-crypto stance, a climate that McCourt believes lowers the hurdle for new entrants.

監管方風幫助了。克魯德勒（Crudele）指出，特朗普政府採取了明顯的親克萊普托（Crypto）立場，麥考特（McCourt）認為，這種氣候降低了新進入者的障礙。

“People are more familiar, they are trading other parts—single stocks, options, ETFs,” he said. “We’re just meeting clients where they’re at in a way that’s more familiar, easy to understand.”

他說：“人們更加熟悉，他們正在交易其他部分 - 股票，選擇，ETF。” “我們只是以更熟悉，易於理解的方式與客戶會面。”

That same impetus lies behind CME’s forthcoming spot-quoted futures, slated for June 30 pending CFTC approval. These contracts will display headline prices that mirror the cash market while preserving the capital efficiency and structure of traditional futures.

CME即將到來的現貨期貨的背後同樣的動力，計劃於6月30日待定CFTC批准。這些合同將顯示標題價格，這些價格在保留了傳統未來的資本效率和結構的同時。

“You can just say, ‘Hey, the S&P 500’s at X or Bitcoin’s at Y or Ether’s at Z,’” McCourt explained.

“您可以說，'嘿，在Z或Z的X或Bitcoin's的標準普爾500指數，''，” McCourt解釋說。

“You don’t have to sort of understand, is it interest rates or dividends or some other idiosyncratic risk that maybe is impacting the basis right now. I just know I want exposure at this level.”

“您不必理解，是利率或股息或其他一些特質風險，可能正在影響基礎。我只知道我想在這個水平上接觸。”

For XRP, the math is straightforward. A deep spot market, near-instant settlement finality and now a regulated derivatives curve together create what McCourt called “a great use case for both size contracts.”

對於XRP，數學很簡單。一個深入的現貨市場，近乎安置的定居點終結性以及現在受監管的衍生品曲線共同創造了麥考特所說的“兩種尺寸合同的絕佳用例”。

In the broader narrative of digital-asset maturation, CME’s embrace of XRP marks a shift from binary bets on network effects to a portfolio approach that recognizes multiple protocols can coexist.

在數字資產成熟的更廣泛的敘述中，CME對XRP的擁抱標誌著從網絡效應的二進制賭注轉變為識別多個協議可以共存的投資組合方法的轉變。

“I don't necessarily see it as an either-or choice,” McCourt said. “It could be Solana and XRP, Ether and Bitcoin.” By elevating XRP to that same tier, CME tacitly acknowledges the token’s staying power—regardless of the ideological battles that have long dogged it.

麥考特說：“我不一定將其視為或選擇。” “可能是Solana和XRP，以太和比特幣。”通過將XRP提升到同一層，CME默認地承認了令牌的持久力 - 在長期以來一直困擾著它的意識形態之戰。