According to data provided by the #CME group, the contracts $XRP achieved
futures achieved an astonishing theoretical volume of $542 million during their first month of trading.
The Chicago-based derivatives giant states that the product has shown "significant market interest" and strong participation from both institutions and retail traders.
In April, as mentioned by U.T,od,ay, the CME group confirmed it would launch CME futures contracts after months of speculation. The product ended up being launched in two sizes (standard and micro) on May 19 amidst much excitement. The futures achieved a volume of over $19 million on their third day.
It is noteworthy that nearly half of the aforementioned theoretical monthly volume was recorded outside of North America.
The total current open interest, which measures the total value of open positions, is currently $70.5 million.
The CME group also identified some key bullish catalysts for XRP such as growth in institutional adoption due to the acquisition of the major brokerage firm Hid,,den Road by #Ripple , integration of stablecoins, and increasing participation from #XRP in cross-border payments.
As mentioned by U.T,od,ay, Tim McCourt from the ME group recently spoke positively about the utility, also noting the high transaction volume across #XRPLedger .
The successful launch of the regulated XRP futures contracts from CME serves as a key starting point for the final approval of a spot-based exchange-traded fund. According to Bloomberg, there is a huge 95% chance of such products launching in 2025.