CME Group Doubles Down: Spot-Quoted XRP and Solana Futures Hit the Market

Wall Street's favorite derivatives playground just got a major crypto upgrade. The CME Group, a titan of traditional finance, is rolling the dice on two of the sector's most talked-about assets.

Beyond Bitcoin: The Altcoin Gambit

For years, institutional crypto exposure meant Bitcoin and Ethereum—full stop. That playbook just got shredded. By launching futures contracts directly tied to the spot prices of XRP and Solana, CME isn't just dipping a toe; it's diving headfirst into the altcoin pool. This move signals a seismic shift in what 'mainstream' crypto products can look like.

The Liquidity Play

Why does this matter? It boils down to trust and access. CME's regulated environment offers a familiar, hedged pathway for big money that's been eyeing these assets but wary of unregulated exchanges. It provides a critical tool for price discovery and risk management beyond the usual suspects, potentially sucking liquidity from lesser venues and into the traditional system—a classic Wall Street embrace that tightens its grip.

It's a legitimizing force for XRP and Solana, sure, but also a clever way for traditional finance to capture the volatility premium of these assets without ever touching the underlying coin. Some might call that progress; others, the ultimate cynical finance jab—monetizing the revolution by selling bets on it.

Smallest contracts for everyday traders

According to CME, Spot-Quoted futures are different from regular futures because they follow the price of the cryptocurrency directly, while financing adjustments are done separately when the contract ends.

“We’ve seen strong demand for our current Spot-Quoted bitcoin and Ether futures, with more than 1.3 million contracts traded since launched in June, and we are pleased to add XRP and SOL to our offering,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME.

The new XRP and SOL contracts are the smallest crypto contracts CME has introduced so far. They are designed for traders who want to trade more simply without worrying about contract expiries or rolling positions often. In short, traders can hold positions longer or trade in and out without extra steps. CME first introduced XRP futures on May 19, which quickly attracted more than $1 billion in open interest.

On November 24, Spot-Quoted Bitcoin and Ether futures recorded an average daily trading volume of 11,300 contracts, with a record of 60,700 contracts traded.

Flexible trading with TAS

CME has also added Trading at Settlement (TAS) for XRP, SOL, and their micro futures. TAS allows traders to take trades at a price based on the 4:00 p.m. ET settlement price before it is known. The feature is often used to manage risks around crypto ETFs, execute block trades, and maintain anonymity via CME Globex.

In October, CME also introduced options on SOL, Micro SOL, XRP, and Micro XRP futures. The launch of these new Spot-Quoted futures gives traders more choices and easier access to crypto markets. 

Despite this expansion, the prices of these tokens have failed to rebound. Currently, XRP is trading for $1.90 after a 7.5% drop in the past week, while SOL is trading for $126, down 7.19% in the last seven days, according to CoinMarketCap.

Also Read: 21Shares Launches XRP ETF $TOXR for Convenient Crypto Access