CME introduces ADA, LINK, XLM futures! Get your spot ETF admission ticket?

CME announces the launch of ADA, LINK, and XLM futures, going live on February 9, seen as a milestone toward U.S. spot ETFs. Offering both standard and micro contracts, the standard ADA contract is 100,000 tokens, LINK is 5,000 tokens, and XLM is 250,000 tokens. Historically, Bitcoin and Ethereum first established futures markets before ETF approvals.

CME launches three major cryptocurrency futures, going live on February 9

CME expands its cryptocurrency product lineup again, announcing the upcoming launch of Cardano (ADA), Chainlink (LINK), and Stellar (XLM) futures. These new contracts are expected to go live on February 9, pending regulatory approval. To meet the needs of retail and institutional investors, CME will offer two contract specifications:

Three new futures contract specifications

Cardano (ADA): Standard contract 100,000 tokens, Micro contract 10,000 tokens

Chainlink (LINK): Standard contract 5,000 tokens, Micro contract 250 tokens

Stellar (XLM): Standard contract 250,000 tokens, Micro contract 12,500 tokens

Giovanni Vicioso, CME’s Global Head of Cryptocurrency Products, stated: “Due to the explosive growth in the cryptocurrency market over the past year, clients are actively seeking trusted, regulated products to hedge price risks. With these flexible contract designs, market participants will be able to allocate assets more efficiently with higher capital efficiency.”

The dual-track design of standard and micro contracts is highly strategic. Standard contracts target institutional investors and professional traders, with larger sizes suitable for large positions and arbitrage. Micro contracts lower the participation barrier, allowing retail investors to engage in futures trading of these tokens on regulated platforms without bearing excessive capital pressures.

This approach has proven effective in Bitcoin and Ethereum futures. After launching micro contracts, CME saw a significant increase in retail participation and provided market makers with more precise risk management tools. For ADA, LINK, and XLM, this dual-track model will help rapidly build liquidity depth and market breadth.

Futures market is a necessary step toward spot ETF approval

CME’s decision to launch futures tied to these three tokens is undoubtedly a vote of confidence in their spot market “pricing transparency.” Historically, Bitcoin and Ethereum first established mature futures markets on CME before successfully opening the door to U.S. spot ETFs. This pathway is not accidental but reflects implicit regulatory requirements for crypto spot ETF approvals.

The U.S. Securities and Exchange Commission (SEC) has repeatedly emphasized concerns over “market manipulation” and “pricing transparency” in its reviews of spot ETF applications. Regulators need to confirm that the underlying assets have mature, regulated derivatives markets that can provide reliable price references and risk hedging tools. As the world’s largest and most regulated derivatives exchange, CME’s futures prices are regarded as “authoritative benchmarks.”

Bitcoin’s case is most convincing. CME launched Bitcoin futures in 2017, laying the groundwork for cryptocurrencies to enter mainstream finance. After years of operation, Bitcoin futures markets have established ample liquidity, transparent price discovery, and comprehensive risk management systems. Based on this mature futures market, the SEC approved the first Bitcoin spot ETFs in 2024, sparking a rush of capital.

Ethereum followed the same path. CME launched Ethereum futures after Bitcoin, and after several years of development, Ethereum spot ETFs were also approved in 2024. This “futures first, ETF later” pattern has become a de facto standard in U.S. regulation. Now, ADA, LINK, and XLM are following the same route.

Market analysts generally believe that CME’s launch of these three futures is paving the way for future spot ETF applications. While CME itself will not apply for ETFs (its role is to provide derivatives infrastructure), asset management firms can point to “these tokens already have mature futures markets on CME” as evidence of pricing transparency and market maturity when applying for ADA, LINK, and XLM spot ETFs.

Market cap and positioning analysis of the three major tokens

Currently, Cardano (ADA) has a market cap of about $14.5 billion, ranking as the 12th largest cryptocurrency. ADA is a smart contract platform using proof-of-stake (PoS) consensus, founded by Charles Hoskinson, one of Ethereum’s co-founders. Cardano is known for its academic research-driven development approach, with its technical architecture peer-reviewed, regarded as one of the most academically rigorous blockchains.

Chainlink (LINK), providing oracle data services, has a market cap of approximately $9.8 billion. Chainlink is the leading decentralized oracle network, providing reliable off-chain data for smart contracts. Its services are adopted by hundreds of DeFi protocols, including Aave, Synthetix, and others. Chainlink’s unique value lies in solving the critical problem of connecting blockchain with real-world data.

Stellar (XLM), focused on cross-border payments, has a market cap of about $7.4 billion. Similar to Ripple, Stellar aims at cross-border payments and financial inclusion but emphasizes serving developing countries and non-profit organizations. Its network has established partnerships with multiple financial institutions and payment companies, handling real cross-border remittance transactions.

Comparison of core features of the three tokens

Cardano (ADA): Smart contract platform, academic-driven, market cap $14.5B, ranked 12

Chainlink (LINK): Decentralized oracle, DeFi infrastructure, market cap $9.8B

Stellar (XLM): Cross-border payments focus, financial inclusion, market cap $7.4B

All three projects share: clear technical positioning, active development communities, and real-world use cases. They are not purely speculative meme coins but have long-term development potential as infrastructure projects. This is also why CME selected them, as futures markets require assets with stability and predictability.

CME’s expanding cryptocurrency footprint

Since launching Bitcoin futures in 2017, CME’s product line now includes Bitcoin, Ethereum, Ripple (XRP), Solana (SOL) futures, and options on futures. This continuous expansion demonstrates the rapid acceptance of cryptocurrencies by traditional financial institutions.

CME’s crypto futures and options on futures hit new highs in 2025, with average daily trading volume reaching 278,300 contracts, with a notional value of about $12 billion; open interest averaged 313,900 contracts, with a notional value of about $26.4 billion. These figures prove strong market demand for regulated crypto derivatives.

$12 billion daily trading volume and $26.4 billion open interest show CME has become a core hub for global crypto derivatives. This scale of market depth provides a solid foundation for price discovery, risk hedging, and arbitrage. When asset managers apply for spot ETFs, these data points will serve as compelling evidence.

The launch of ADA, LINK, and XLM futures will further strengthen CME’s leadership in crypto derivatives. As product offerings expand, CME not only provides more trading tools but also builds a more comprehensive risk management system for the entire crypto market. As more mainstream tokens have CME futures, the overall market’s maturity and credibility will significantly increase.

For ADA, LINK, and XLM holders and supporters, CME futures represent a major positive. They not only offer tools for shorting and hedging but also clear the biggest regulatory hurdles for future spot ETF approvals. If these three futures operate successfully and establish sufficient liquidity, the launch of spot ETFs could be just a matter of time.