CME Group Expands Crypto Futures but Avoids Memecoins Due to Lack of Use Case
CME Group, the world’s leading derivatives exchange, is expanding its crypto futures offerings but remains cautious about memecoins, citing their limited real-world applications.
While firms like VanEck and 21Shares aim to launch spot exchange-traded products (ETPs) for memecoins such as dogecoin (DOGE) and Trump Coin (TRUMP), CME is focusing on tokens with solid use cases.
“We base our product launches on cryptocurrencies that have clear utility. Memecoins don’t meet this criterion, so we do not plan to offer memecoin futures,” said Gio Vicioso, CME’s global head of cryptocurrency products.
Recently, CME added solana (SOL) and XRP (XRP) futures alongside existing bitcoin (BTC) and ethereum (ETH) contracts. This approach is paying off: since February, SOL futures have traded close to $5 billion in volume, with daily averages between $75 million and $100 million. XRP futures, launched in May, hit a record $235 million in volume last Friday and have surpassed $2 billion in total volume.
CME’s crypto futures operate on a weekly schedule from Sunday 6 p.m. ET to Friday 5 p.m. ET, with a daily one-hour maintenance window. This contrasts with the 24/7 nature of spot crypto markets, which U.S. stock exchanges like Nasdaq and NYSE are beginning to adapt to better serve crypto traders.
Though CME has no immediate plans for 24/7 trading, it is exploring the option. “As interest in our products grows, we’re considering ways to close the weekend trading gap,” Vicioso added.
