CME confirms it has not made a decision on XRP and Solana futures contracts, calling the information from the beta website that circulated on the internet a "technical error".
CME confirms the error after information about the listing of XRP, SOL futures contracts was leaked
On January 23, the cryptocurrency community was abuzz with information from the test website of the Chicago Mercantile Exchange (CME) derivatives exchange about plans to list futures contracts for the tokens XRP and Solana.
CME just added XRP and SOL futures page to their staging subdomain. Page says XRP and SOL futures are going live on Feb 10 pending regulatory review. Looks like they are preparing for the official announcement. Brace for paradise.
— Summers (@SummersThings) January 22, 2025
As always, posted this first on @SynopticCom… pic.twitter.com/PGCH493zar
According to the content on the website, the XRP and Solana futures contracts will both be settled in USD and are expected to be tradable from February 10, 2025, subject to the completion of the regulatory approval process. Detailed information on the trading volume for each contract type is as follows:
For Solana (SOL):
- Standard contract: 500 SOL per lot
- Micro contract: 25 SOL per lot
For XRP:
- Standard contract: 50,000 XRP per lot
- Micro contract: 2,500 XRP per lot
Image of the XRP and SOL futures contract information on the CME beta website
Immediately after this information spread widely on social media and the crypto community, the CME exchange spoke up to confirm that this was just a technical issue. A CME representative said:
"A beta website of ours was inadvertently exposed and contained many staging items for testing purposes. We have not made any decisions regarding XRP or SOL futures contracts."
Despite CME's denial, the prices of XRP and Solana reacted positively. Both of these coins jumped by 3% within just a few minutes after the news leaked. However, after CME issued the clarification, both tokens quickly adjusted, with XRP price dropping slightly by 4.8%, while SOL recorded a more significant decline of over 9% at the time of writing.
XRP price movement in the past 24 hours, screenshot taken on CoinGecko at 05:25 PM on January 23, 2025
SOL price movement in the past 24 hours, screenshot taken on CoinGecko at 05:25 PM on January 23, 2025
This move partly reflects the market's expectations for crypto Derivative products. In 2024, CME recorded a total of 29.4 million cryptocurrency futures contracts traded, with an estimated value of over $1.7 trillion. This is clear evidence of the growing demand for financial products related to cryptocurrencies, especially from large financial institutions.
Not only futures contracts, but ETFs related to XRP and Solana are also attracting significant interest from investors. This is happening in the context of Donald Trump's re-election as US President and rumors that his administration will plan to build a reserve fund prioritizing "US-originated" tokens such as Solana (SOL), USD Coin (USDC) and Ripple (XRP), making the prospect of Solana and XRP ETFs under Trump more promising than ever.
Currently, major organizations such as Bitwise, 21Shares, Canary Capital and VanEck have re-filed applications with the SEC to approve Solana token ETFs. In addition, Bitwise, 21Shares and Canary Capital have also submitted proposals to establish XRP ETFs, indicating the strong interest of major Wall Street players in these two tokens.
Compiled by Coin68
