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Brad Garlinghouse, chief executive officer of Ripple Labs, has hailed the decision by CME Group to launch the first regulated $XRP futures.
In a statement, Garlinghouse said that the launch of Ripple ($XRP) and Micro $XRP futures was a ‘key milestone’ for his company.
He also revealed that Hidden Road, the prime brokerage recently acquired by Ripple Labs, cleared the first block at the CME open. The launch of $XRP futures gives investors exposure to the price of $XRP, while also providing greater transparency and risk management capabilities.
The launch of regulated $XRP Futures on @CMEGroup marks a key institutional milestone for $XRP…and very excited to report that Hidden Road cleared the first block trade on CME at the opening! https://t.co/Njj8AUSY5K
— Brad Garlinghouse (@bgarlinghouse) May 19, 2025
Most importantly, the launch will enable asset management firms to offer exchange-traded funds to track $XRP futures. A good example of this is the ProShares Bitcoin Strategy Fund, which has accumulated more than $2 billion in assets.
The futures debut comes amid growing signs of demand for $XRP-tracking assets. $XRP has received the highest number of altcoin exchange-traded fund filings, with nine firms, among them Franklin Templeton, ProShares, Canary Capital, and Grayscale Investments, seeking approval.. Solana ($SOL) comes second with seven applications.
In addition, the newly launched Teucrium 2x Long Daily $XRP exchange-traded fund has already amassed more than $106 million in assets. By comparison, the 2x Solana exchange-traded fund, with the ticker symbol SOLT, has collected less than $35 million in assets four months after launch.
The $XRP price reacted mildly to the futures launch as it dropped to $2.33, down by 12.25% from its highest point this month. This decline was in line with the ongoing crypto market crash and the fact that the launch was already priced in.