New listing marks another step in bringing institutional-grade crypto derivatives to U.S. markets
April 3, 2025 — Coinbase Derivatives, the regulated futures arm of major U.S.-based crypto exchange Coinbase, has announced that it has submitted a self-certification application to the Commodity Futures Trading Commission (CFTC) to launch XRP futures contracts.
We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.
We anticipate the contract going live on April 21, 2025.
Stay tuned… pic.twitter.com/nKUPjjnMKW
— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025
According to company officials, the new product is expected to go live on April 21, 2025, pending regulatory approval.
If approved, this would mark the first time a regulated U.S. derivatives exchange has launched a futures product tied specifically to XRP, the native token of the XRP Ledger, which is widely used for cross-border settlement and liquidity solutions.
Institutional Access to XRP Exposure
The move is part of Coinbase Derivatives’ ongoing effort to expand access to regulated crypto derivatives, providing institutional and sophisticated investors with tools to hedge, speculate, and gain exposure to digital assets within a CFTC-supervised marketplace.
XRP joins Coinbase Derivatives’ existing suite of cryptocurrency futures products, which include Bitcoin (BTC) and Ether (ETH) futures contracts already available on its platform.
The proposed XRP futures contract will allow market participants to trade standardized, cash-settled instruments, enabling price discovery and risk management for one of the most liquid and controversial cryptocurrencies on the market.
Regulatory Context and Market Significance
Coinbase’s move comes amid increased clarity around XRP’s legal status in the United States. In 2023, a federal judge ruled that programmatic sales of XRP did not constitute securities offerings, a decision seen as a partial win for Ripple Labs, the company behind XRP.
The launch of an XRP futures contract on a CFTC-regulated exchange may further solidify XRP’s classification as a commodity, rather than a security—an issue that has long been at the center of U.S. regulatory debates.
It also underscores Coinbase’s intent to diversify its derivatives offerings and capture market share in the growing institutional crypto trading space.
XRP Price and Market Reaction
As of today, XRP is trading at approximately $0.64, with a market capitalization of around $35 billion, making it the sixth-largest cryptocurrency by market cap, according to CoinGecko data.
Market participants are closely watching how the announcement could impact XRP’s price and volatility, especially as the launch date for the futures contract approaches. Historically, the introduction of derivatives products has had a mixed impact on spot prices, often increasing market liquidity and volatility in the short term.
Final Thoughts
The proposed launch of XRP futures by Coinbase Derivatives marks a milestone for institutional access to XRP and a potential turning point in the asset’s regulatory and market trajectory.
With April 21 set as the tentative launch date, industry stakeholders will now look to the CFTC’s response, which could set a precedent for further derivatives listings tied to digital assets outside of Bitcoin and Ethereum.
If successful, the move may also open the door to wider crypto derivatives innovation in the U.S. under a compliant, regulated framework.
