CME Group Reports XRP Futures Institutional Adoption, Solana Futures Hit $1B OI in Record 5 Months

Singapore – CME Group's Global Head of Equity & FX Products Tim McCourt announced significant institutional adoption of XRP (XRP) and Solana (SOL) futures at the Token2049 conference. According to McCourt, total crypto futures open interest has doubled year-over-year, reaching $30-35 billion daily, with growth extending beyond Bitcoin. CME's cash-settled futures continue serving as primary regulated vehicles for institutional cryptocurrency exposure. McCourt highlighted that both XRP and SOL futures have achieved record open interest levels since their 2024 launch. SOL futures reached the $1 billion open interest milestone in just five months, significantly faster than Ethereum's eight months and Bitcoin's three-year timeline. The standard Solana contract (500 SOL) launched in March, while XRP futures (50,000 XRP contracts) achieved similar success within three months of trading. Ether futures and options also hit record levels, with futures OI reaching $9.05 billion and options surpassing $1 billion in September. McCourt emphasized that regulated crypto futures contribute to price discovery, reduce volatility, and enhance market legitimacy alongside spot ETF developments. The panel discussion also featured insights from Binance CEO Richard Teng, Bitwise CEO Hunter Horsley, and Circle's Heath Tarbert, who discussed stablecoins' role as banking partners rather than competitors in creating new financial products.