In a significant move that signals the deepening institutionalization of the cryptocurrency market, CME Group has expanded its regulated derivatives suite beyond Bitcoin and Ether. On December 15, 2025, the world’s leading derivatives exchange launched spot-quoted futures for XRP and Solana (SOL), providing traders and corporate treasuries with new tools for precise and capital-efficient exposure.
This launch marks a strategic evolution for the Chicago-based exchange. Following the successful introduction of spot-quoted Bitcoin and Ether futures in June, which saw over 1.3 million contracts traded, CME is now bringing its regulated framework to major altcoins. The new contracts are designed to be the smallest in CME’s crypto complex, directly addressing demand from active participants who prefer to trade in spot market terms without the administrative burden of frequent contract rollovers.
How These New Contracts Change the Game
The core innovation of a spot-quoted future is its design to track the underlying asset’s spot price directly, with financing adjustments handled separately at settlement. This structure minimizes the divergence—known as “basis risk”—that often occurs between traditional futures and the spot market, simplifying position management for hedgers and speculators alike.
The rollout is part of a phased expansion throughout 2025. Solana futures began trading in March, followed by XRP futures in May, which were offered in both standard and micro sizes to cater to different risk appetites and capital requirements. Options on these futures were added in October, and the December launch activated the “Trading at Settlement” (TAS) feature for both assets. TAS allows traders to execute contracts at a spread to the daily settlement price, a crucial tool for managing risk around events like ETF creations and redemptions.
Market Validation and Strategic Implications
The market’s reception has been notably strong. XRP futures, for instance, reportedly became the fastest contract on CME to surpass $1 billion in open interest, achieving the milestone in just over three months. Combined open interest for XRP and SOL futures had topped $3 billion by late October, demonstrating substantial institutional engagement.
Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, stated that the launch directly addresses the “escalating institutional and retail adoption” of these assets, furnishing clients with a more efficient toolset. This move does more than just add two new products; it validates XRP and Solana as cornerstone assets in the institutional digital asset portfolio. By offering regulated, cash-settled derivatives, CME provides a trusted venue for hedging, speculation, and cash management, potentially drawing more traditional capital into these ecosystems.
The next milestone on the horizon is the planned launch of 24/7 trading for crypto futures and options in early 2026. This development would be a final step in aligning the regulated derivatives market with the non-stop nature of the crypto spot markets, further bridging the gap between traditional finance and the digital asset world.
