The post XRP Becomes Fastest CME Futures Contract to Hit $1B Open Interest appeared first on Coinpedia Fintech News
The crypto derivatives market has hit a new milestone. CME Group announced that its notional open interest has surpassed $30 billion for the first time, showing strong participation from both institutional and retail traders.
Read on to know who the ‘big’ winners are.
XRP and SOL Futures See Record Demand
CME confirmed that SOL and XRP futures, along with ETH options, each crossed $1 billion in open interest, with XRP futures achieving the fastest growth yet, reaching the milestone in just over three months.
The rise indicates increasing maturity in the crypto ecosystem with new capital entering the markets.
Attorney Bill Morgan also highlighted the milestone, noting that XRP is the fastest CME futures contract to surpass $1B in open interest. CME’s XRP and Micro XRP futures have seen 251K contracts traded in three months, with a trading volume of $9.02 billion, and $12 million in their XRP equivalent.
Momentum has been strong. On August 18th, open interest reached a new all-time high of over 6,000 contracts. In July, XRP futures hit a single-day record of $235 million traded, reflecting strong demand and growing interest from TradFi investors.
Expansion of Crypto Futures
The CME Group recently launched SOL and XRP futures, in both standard and micro sizes, expanding its Bitcoin and Ether derivatives suite. This gives both institutional and retail investors more ways to participate in the growing crypto market.
Meanwhile, Bitcoin and Ethereum now have $16 billion and $10.5 billion in open interest, respectively. The CME Group also reported that Treasury futures open interest has surpassed 24 million contracts for the first time.
Gemini Introduces XRP Rewards Credit Card
In a latest develoment, Gemini has launched an XRP rewards credit card in partnership with Ripple, offering up to 4% cashback in XRP on select purchases. It is also expanding the use of Ripple USD (RLUSD) to customers in the United States.
Meanwhile, XRP is currently trading at $2.92, down 0.8% in the last 24 hours amid a broader market downturn. According to data from Coinglass, XRP futures open interest is currently over $7 billion, down over 3% in the last 24 hours.