XRP futures see $542M in first month on CME, investors from outside North America add 45%

The Chicago Mercantile Exchange (CME) Group’s XRP and Micro XRP futures have registered strong demand in their first month of trading, reaching a total volume of $542 million. According to a June 24 report by the derivatives giant, nearly half of the trading activity, approximately 45%, originated outside North America.

The May 19 launched contracts generated $19.3 million in volume on the first day alone, with involvement from 15 institutional firms and four retail trading platforms.

Per CME’s records, participants came from several financial companies, including exchange-traded fund (ETF) issuers, professional trading desks, and individual investors. 

Global participation and open interest surge

CME Group’s latest product additions seemingly found a market in a more “receptive” mood. Open interest in the contracts, outstanding positions that have not been settled, has reached $70.5 million. 

Since launching on May 19, XRP and Micro XRP futures have shown demand across institutional and retail participants, highlighting interest in regulated tools to access one of the most watched crypto assets.

Get the full breakdown ➡️ https://t.co/nmVRaXqUTO pic.twitter.com/JZG2Bnnjll

— CME Group (@CMEGroup) June 24, 2025

Analysts say such numbers suggest market participants are using these contracts to hedge or speculate on longer-term price trends in XRP, and not merely riding the initial wave of publicity.

CME’s XRP futures are available in two contract sizes to cater to different segments of the market. The standard XRP futures feature a contract multiplier of 50,000 XRP, while the Micro XRP (MXP) contracts are structured with a multiplier of 2,500 XRP. 

The varying sizes provide traders and institutions with the flexibility to manage exposure, according to their risk tolerance and strategy.

Both futures are financially settled, removing any need for physical delivery of the underlying cryptocurrency. This design lowers the entry barrier for institutional investors who may face regulatory, security, or custodial constraints when dealing with digital assets directly. 

The contracts settle on the last Friday of each month based on the CME CF XRP-Dollar Reference Rate, which is calculated by CF Benchmarks. The benchmark aggregates pricing data from crypto exchanges to provide a reliable daily US dollar valuation for XRP.

Financial settlement is the preferred format among institutional market participants looking for simpler ways of managing digital wallets or custody arrangements. It gives investors exposure to crypto price action, in compliance with internal policies or regional regulations.

XRP contracts boost Ripple market activity

The first month of the CME futures follows several developments within the XRP ecosystem. In early 2025, Ripple made a high-profile acquisition of prime brokerage firm Hidden Road for $1.25 billion. 

The purchase helped XRP increase its presence in institutional finance, particularly by improving its liquidity provisioning on over-the-counter (OTC) business structures.

Last year, Ripple introduced RLUSD, a new US dollar-backed stablecoin native to the XRP Ledger. The coin is expected to boost XRP Ledger activity and expand the use of XRP as a bridge asset between traditional fiat and digital currencies. 

On June 21, the stablecoin issuer minted 14 million RLUSD on the Ethereum blockchain in a single day, the largest daily issuance since April 25, according to data from Ripple’s Stablecoin Tracker. The issuance brings the total RLUSD minted in June to 42 million, with all tokens deployed exclusively on Ethereum rather than Ripple’s XRPL.

Earlier this month, RLUSD secured regulatory approval in Dubai and partnered with AlchemyPay to extend its stablecoin support for several fiat payment methods, including Visa and Apple Pay.

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