XRP futures generate $19 million in first-day trading on CME Group, outperforming Solana's launch

CME Group, the largest derivatives marketplace in the U.S., debuted XRP futures for trading on Sunday, the group's fourth cryptocurrency product following the launches of BTC, ETH, and SOL futures. More than $19 million in notional volume traded on the first day, CME Group said Tuesday.

CME Group XRP futures are available in both a micro-sized (2,500 XRP) and a larger-sized contract (50,000 XRP), and are cash-settled to the CME CF XRP-Dollar Reference Rate.

"The addition of XRP and Micro XRP futures to our leading, regulated cryptocurrency suite will provide investors with the deeply liquid, capital-efficient tools they need to support their growing cryptocurrency investment and hedging strategies," Giovanni Vicioso, global head of cryptocurrency products at CME Group, said in a release.

Solana futures hit the exchange back on March 17 and generated $12.3 million in first-day trading volume, which led K33 analysts to question how big the institutional appetite is for altcoins. Over the past two days, the U.S. Securities and Exchange Commission has delayed making a decision on spot SOL and XRP ETF proposals .

Bitcoin futures debuted in December 2017, recording $102.7 million in volume on launch day, and Ethereum futures generated $31 million on first-day trading in February 2021, The Block previously reported.

The first XRP futures trade was cleared by Hidden Road.

"This is a significant milestone for Hidden Road, and the continued institutional adoption of digital assets – particularly in enhancing liquidity and risk management capabilities around XRP," said Noel Kimmel, president of Hidden Road and CEO of Hidden Road's Futures Commission Merchant.

XRP is trading at $2.35, down 0.76% over the past 24 hours, according to The Block's XRP data.