Core Insights - CME Group has launched Spot-Quoted futures for XRP and Solana, expanding its crypto derivatives lineup to trade closer to real-time market prices [1] - The new contracts are designed to track the spot price directly, unlike traditional futures which may trade at a premium or discount [1] Group 1: Product Launch and Structure - The Spot-Quoted futures for XRP and Solana mirror the structure of existing Spot-Quoted Bitcoin and Ether futures [1] - These contracts are CME's smallest crypto contracts to date, targeting active participants who prefer trading in spot market terms without managing contract expiries or rollovers [2] Group 2: Market Demand and Performance - Since their launch in June, Spot-Quoted Bitcoin and Ether contracts have seen over 1.3 million contracts traded, with an average daily volume of 11,300 contracts [3] - A record of 60,700 contracts was traded on November 24, indicating strong market interest [3] Group 3: Additional Features - CME has activated Trading at Settlement (TAS) for XRP, SOL, and their respective Micro futures, allowing traders to execute contracts at a spread to the 4:00 p.m. ET settlement price [4] - TAS is particularly useful for managing risk around crypto ETFs and allows for block trades and anonymous order book activity via CME Globex [4] Group 4: Recent Developments - The launch of Spot-Quoted futures follows CME Group's introduction of options on SOL, Micro SOL, XRP, and Micro XRP futures in October [5]

Core Insights - CME Group has launched new options tied to XRP and Solana futures, with initial trades executed by major market participants [1][6] - The new options allow trading across various expirations, enhancing the existing cryptocurrency product suite [2][3] - The launch reflects growing institutional demand for efficient risk management strategies in the cryptocurrency market [3][4] Product Offering - CME users can now trade options on Solana, Micro SOL, XRP, and Micro XRP futures, with options providing the right to buy or sell at a predetermined price [2] - The new options expand CME's offerings, which already include standard and micro futures linked to various cryptocurrencies [3] Market Demand - Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, noted that market participants are increasingly seeking to manage exposure and explore new opportunities in crypto instruments [4] - The deep liquidity in Solana and XRP futures markets supports the new options, providing traders with enhanced tools for investment and hedging strategies [5] Initial Trades - The first options trade on Solana futures was executed between Cumberland DRW and Galaxy, indicating strong demand for trading digital assets [6][7] - The first XRP options trade involved Wintermute and Superstate, showcasing institutional interest in managing digital asset exposure [7][8]