Key Takeaways
- • CME Group will launch options on solana and XRP futures on 13 October 2025, with expiries available every business day, every month and every quarter, after record third-quarter cryptocurrency derivatives volume.
- • CME reported record Q3 2025 crypto average daily volume of 340,000 contracts ($14.1bn notional), with notional open interest reaching a record $39bn on 18 September 2025, according to CME's Giovanni Vicioso.
- • Large open interest holders (entities with more than 25 contracts) reached an all-time high above 1,000, and Vicioso said there are 40 large holders in solana and XRP, indicating institutions are moving beyond bitcoin.
- • Solana futures crossed $1bn open interest on 22 August and exceeded $2bn 18 days later, making it the fastest contract to double open interest past $1bn, per Vicioso.
- • CME's crypto futures and options will move to 24/7 trading beginning in early 2026, pending regulatory review.
Summary
CME Group is launching options on solana and XRP futures on 13 October 2025, a move the exchange attributes to record activity in cryptocurrency derivatives during the third quarter of 2025. CME reported average daily volume of 340,000 contracts, or $14.1bn notional, across its crypto complex in the quarter. Micro ether futures recorded record average daily volume of 209,000 contracts, and ether futures recorded 236,000 contracts. Giovanni Vicioso, global head of cryptocurrency products at CME Group, told Markets Media that notional open interest reached a record $39bn on 18 September 2025.
Vicioso said institutional participation is growing, pointing to the rise in large open interest holders to an all-time high above 1,000. Clients will be able to trade options on solana, micro solana, XRP and micro XRP futures. Joshua Lim, global co-head of markets at market maker FalconX, said the growth of digital asset treasuries and other access vehicles has accelerated the need for institutional hedging tools on solana and XRP. XRP futures have traded more than 370,000 contracts, or $16.2bn notional, since launching on 19 May 2025. Solana futures, launched in March 2025, crossed $1bn in open interest on 22 August and exceeded $2bn 18 days later.
Vicioso linked the interest in solana partly to the GENIUS Act, signed into U.S. law in July 2025, which provides the first federal framework for stablecoins and which he said has increased use of ethereum and solana networks to mint stablecoins. Goldman Sachs described the period as the "summer of stablecoins," citing the act, corporate plans to launch stablecoins, and the June 2025 public listing of Circle, issuer of USDC. On 9 October 2025, Citi Ventures said it had invested in BVNK, a stablecoin infrastructure platform that processes over $20bn annually for global enterprises and payment service providers.
CME also offers crypto reference rates and real-time indices with CF Benchmarks, launching four new indices for arbitrum, ondo, NEAR and sui in June 2025. Vicioso said the indices cover about 96% of the investable market and that CME may introduce additional single-coin futures depending on client demand and regulatory clarity. Spot-Quoted futures, launched in June 2025, allow trading of bitcoin, ether and four major U.S. equity indices in spot-market terms, with holding periods of up to five years. Tim McCourt, global head of equities, FX and alternative products at CME Group, said these contracts offer precision and market access in response to growing retail demand. Crypto and equity Spot-Quoted contracts have together crossed $500m in notional traded.
Vicioso said institutional participation is growing, pointing to the rise in large open interest holders to an all-time high above 1,000. Clients will be able to trade options on solana, micro solana, XRP and micro XRP futures. Joshua Lim, global co-head of markets at market maker FalconX, said the growth of digital asset treasuries and other access vehicles has accelerated the need for institutional hedging tools on solana and XRP. XRP futures have traded more than 370,000 contracts, or $16.2bn notional, since launching on 19 May 2025. Solana futures, launched in March 2025, crossed $1bn in open interest on 22 August and exceeded $2bn 18 days later.
Vicioso linked the interest in solana partly to the GENIUS Act, signed into U.S. law in July 2025, which provides the first federal framework for stablecoins and which he said has increased use of ethereum and solana networks to mint stablecoins. Goldman Sachs described the period as the "summer of stablecoins," citing the act, corporate plans to launch stablecoins, and the June 2025 public listing of Circle, issuer of USDC. On 9 October 2025, Citi Ventures said it had invested in BVNK, a stablecoin infrastructure platform that processes over $20bn annually for global enterprises and payment service providers.
CME also offers crypto reference rates and real-time indices with CF Benchmarks, launching four new indices for arbitrum, ondo, NEAR and sui in June 2025. Vicioso said the indices cover about 96% of the investable market and that CME may introduce additional single-coin futures depending on client demand and regulatory clarity. Spot-Quoted futures, launched in June 2025, allow trading of bitcoin, ether and four major U.S. equity indices in spot-market terms, with holding periods of up to five years. Tim McCourt, global head of equities, FX and alternative products at CME Group, said these contracts offer precision and market access in response to growing retail demand. Crypto and equity Spot-Quoted contracts have together crossed $500m in notional traded.
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