CME Exploring 24/7 Crypto Trading Expansion, Says Meme Coin Products Are Off the Table

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coindesk
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10 hours ago


CME Group (CME), the world’s largest derivatives exchange, is steering clear of meme coins — even as issuers line up to bring more speculative tokens into mainstream finance.

While asset managers like VanEck and 21Shares are pushing to launch spot exchange-traded products (ETPs) tied to coins like dogecoin (DOGE) and Trump Coin (TRUMP), CME is taking a different route.

“We're launching these products based on underlying coins and tokens that have a use case, so I don't anticipate that we will be doing anything in the meme coin space, as the use case for such products is really not there,” said Gio Vicioso, CME’s global head of cryptocurrency products.

Instead, CME is focused on tokens it sees as foundational to blockchain infrastructure. In recent months, the firm expanded its crypto derivatives lineup to include solana (SOL) and XRP (XRP), in addition to its existing bitcoin (BTC) and ethereum (ETH) offerings.

That bet appears to be paying off. Since launching in February, SOL futures volumes have moved close to $5 billion, with daily trading averaging between $75 million and $100 million. XRP futures, which debuted in May, saw a record $235 million in volume last Friday and have crossed nearly $2 billion in volume to date.

The products trade on a regular weekly schedule — from Sunday 6 p.m. ET to Friday 5 p.m. ET — with a one-hour daily maintenance window. That setup contrasts with the always-on nature of spot crypto markets, which some U.S. stock exchanges are beginning to replicate to attract crypto-savvy traders.

Major U.S. stock exchanges like Nasdaq and the New York Stock Exchange (NYSE) are already several steps into adapting their infrastructure for 24/7 trading, aiming to better serve market participants active in crypto and other fast-moving asset classes. While CME hasn’t made any formal commitments, it is watching closely. “It's something that we're exploring, but no plans as of yet,” Vicioso said. “As we continue to see the maturity in the space and we continue to see interest build in our products, I think it's important for us to consider covering that gap that now exists between Friday evening and Sunday evening.”




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