CME Group通过推出XRP期货在加密货币上加倍

在《期货广播节目播客》上发表讲话，蒂姆·麦考特（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现在在XRP上提供微型和标准期货合约，这两者都将于5月19日启动，全球股权和FX产品负责人蒂姆·麦考特（Tim McCourt）透露。

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

麦考特在《未来广播节目播客》上发表讲话时说，此举遵循“明确阐明的客户需求”。»

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.

机构希望以XRP的方式交易期货，就像他们交易单股E-Minis，Micro E-Minis，选项和其他已在CME上列出的工具一样。

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

麦考特说：“这是自然的进步。”

“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.”

“我们正在尝试使其尽可能容易和熟悉，以便它们可以像交易比特币，以太，微米，选择，选项一样插入XRP和Solana期货。”

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.

针对CME CF XRP参考率的现金分配，该参考率每天在美国东部时间上午11:00发布，微型合同将代表2500个令牌，而标准合同为50,000。两者都将与CME现有的比特币和以太产品相比，麦考特（McCourt）认为，随着跨组件策略的增殖，麦考特（McCourt）的功能将“仅增加价值”。

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）在今年早些时候启动Solana Futures的双重合同结构，而对于XRP，其加密货币特许经营权正在以空前的剪辑进行扩展。

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

麦考特说：“第1季度2025是我们连续第三个记录季度的加密货币量，实际上是通过比特币和以太币完成的。”

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已经将Solana Futures（和选项）添加到了混合中，但是XRP是第一天通过双重合同结构首次亮相的第一个资产。

“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.”

麦考特承认：“这可能是我们第一次同时列出合同的口味或两种大小。” “而且您绝对是对的 - 这确实说明了Solana和XRP对这些未来的广泛需求。”

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.”

机构办公桌似乎正在开车。麦克库特说，持有物理XRP的ETF预计将依靠创建和赎回周期的期货，以“关键成分”，麦考特说：“在某些正在发生的合成创建赎回过程中，这些过程正在实现ETF生态系统的成功。”

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.

对于做市商而言，微型合同为库存管理提供了更严格的粒度，而专有贸易公司获得了标准化的途径，以表达XRP，Bitcoin和Ether之间的相对价值观点，而不会产生托管风险。

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

CME的定位还反映了一个更大的哲学赌注：下一波加密货币增长将朝着受监管的，中央清除的场所迁移。

“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.”

麦考特回忆说：“当我们在2015年第一次开始谈论[加密]时，人们认为我们在桌子上没有任何地方。” “ Tradfi是一种侮辱 - 如果我说实话，那很奇怪。但是我们已经走了很长一段路。”

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最近被福布斯评为最值得信赖的加密交易所，并补充说：“在CME进行交易是交易加密货币的最有效，最值得信赖的方法之一。”

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.

监管方风帮助了。克鲁德勒（Crudele）指出，特朗普政府采取了明显的亲克莱普托（Crypto）立场，麦考特（McCourt）认为，这种气候降低了新进入者的障碍。

“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.”

他说：“人们更加熟悉，他们正在交易其他部分 - 股票，选择，ETF。” “我们只是以更熟悉，易于理解的方式与客户会面。”

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即将到来的现货期货的背后同样的动力，计划于6月30日待定CFTC批准。这些合同将显示标题价格，这些价格在保留了传统未来的资本效率和结构的同时。

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

“您可以说，'嘿，在Z或Z的X或Bitcoin's的标准普尔500指数，''，” McCourt解释说。

“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质风险，可能正在影响基础。我只知道我想在这个水平上接触。”

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.”

对于XRP，数学很简单。一个深入的现货市场，近乎安置的定居点终结性以及现在受监管的衍生品曲线共同创造了麦考特所说的“两种尺寸合同的绝佳用例”。

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.

在数字资产成熟的更广泛的叙述中，CME对XRP的拥抱标志着从网络效应的二进制赌注转变为识别多个协议可以共存的投资组合方法的转变。

“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.

麦考特说：“我不一定将其视为或选择。” “可能是Solana和XRP，以太和比特币。”通过将XRP提升到同一层，CME默认地承认了令牌的持久力 - 在长期以来一直困扰着它的意识形态之战。