On July 29, a major milestone in the cryptocurrency market is set to unfold as CME Group, the world’s leading derivatives marketplace, partners with CF Benchmarks, the top regulated provider of crypto benchmark indices, to launch two new cryptocurrency reference rates and real-time indices for XRP and Internet Computer (ICP). These benchmarks will offer institutional-grade pricing data, reinforcing transparency and standardization across digital asset valuation.
This expansion brings the total number of cryptocurrencies covered under the CME CF Reference Rates and Real-Time Indices suite to 24, representing over 93% of the investible cryptocurrency market capitalization. The move signals growing institutional confidence in digital assets beyond Bitcoin and Ethereum, paving the way for broader adoption in structured finance and risk management.
What Are Cryptocurrency Reference Rates?
Cryptocurrency reference rates are daily price benchmarks calculated using verified trading data from major crypto exchanges. They serve as trusted valuation tools for portfolio accounting, derivatives pricing, and regulatory compliance. Unlike volatile spot prices, these rates are designed to reflect fair market value by filtering out outliers and manipulative trading activity.
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The new XRP and ICP reference rates will be published once daily at 4:00 p.m. London time (GMT+1), providing a standardized closing price for financial reporting and settlement purposes. Meanwhile, their corresponding real-time indices will update every second, 24/7/365, enabling continuous monitoring for trading algorithms, risk modeling, and live product pricing.
How Are the Benchmarks Calculated?
Transparency and reliability are at the core of CF Benchmarks’ methodology. Each new index — the CME CF XRP Reference Rate (XRPUSD-R) and Real-Time Index (XRPUSD-RTI), along with the CME CF ICP Reference Rate (ICPUSD-R) and Real-Time Index (ICPUSD-RTI) — will be derived using price data from a minimum of two regulated exchanges within the CME CF Benchmark network.
These include:
- Bitstamp
- Coinbase
- Gemini
- itBit
- Kraken
- LMAX Digital
Only exchanges meeting strict regulatory, operational, and liquidity criteria are included. This ensures that each benchmark reflects genuine market conditions, free from wash trading or price manipulation. The data aggregation process follows a robust, auditable framework compliant with international regulatory standards, including the UK Benchmarks Regulation (UK BMR).
Why XRP and ICP?
The selection of XRP and Internet Computer (ICP) reflects increasing demand for reliable pricing mechanisms around high-profile digital assets with unique utility functions.
XRP, developed by Ripple Labs, is widely used for cross-border payments due to its fast settlement times and low transaction costs. Despite past regulatory scrutiny, it remains one of the most traded cryptocurrencies globally, making accurate benchmarking essential for institutional custody, ETFs, and OTC derivatives.
ICP, created by the DFINITY Foundation, powers the Internet Computer blockchain — a decentralized platform aiming to replace traditional cloud infrastructure. As enterprise adoption grows, so does the need for transparent pricing models that support financial integration.
By adding these assets to its benchmark suite, CME Group strengthens its role as a bridge between traditional finance and the evolving digital asset ecosystem.
Institutional Adoption and Market Impact
CF Benchmarks already underpins over $40 billion in assets, including six of the eleven spot Bitcoin ETFs in the U.S. (such as IBIT, ARKB, and EZBC) and nearly the entire regulated crypto derivatives market. Its integration with CME Group amplifies trust among institutional investors who require auditable, compliant data sources.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, emphasized:
“These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products.”
Sui Chung, CEO of CF Benchmarks, added:
“We’re proud to support the maturation of this asset class as clients diversify across more cryptocurrencies. These new rates meet the same rigorous standards as our existing benchmarks — ensuring confidence in every data point.”
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FAQ: Understanding the New Crypto Benchmarks
Q: Are these new reference rates tradable?
No. The CME CF XRP and ICP reference rates and real-time indices are not tradable instruments. They are pricing benchmarks used for valuation, reporting, and product design.
Q: Who uses cryptocurrency reference rates?
Institutional investors, asset managers, custodians, exchanges, ETF issuers, auditors, and regulators rely on these benchmarks for accurate portfolio valuation and compliance.
Q: How do real-time indices differ from daily reference rates?
Daily reference rates provide a single closing price at 4 p.m. London time. Real-time indices update every second, offering continuous pricing for dynamic markets.
Q: Can retail investors benefit from these benchmarks?
Yes. While primarily designed for institutions, retail traders can use them to verify fair market prices and avoid mispriced products on exchanges.
Q: Are these benchmarks regulated?
Yes. CF Benchmarks is authorized as a registered benchmark administrator under the UK Benchmarks Regulation (UK BMR) and listed on the Financial Conduct Authority (FCA) Benchmarks Register.
Q: Will more cryptocurrencies be added in the future?
CME Group has consistently expanded its crypto offerings since launching Bitcoin futures in 2017. Given market demand and coverage of over 93% of investible crypto market cap, future additions will likely follow strategic criteria based on liquidity and institutional interest.
The Road Ahead for Crypto Benchmarking
As digital assets become integral to global financial systems, reliable price discovery becomes non-negotiable. The launch of XRP and ICP benchmarks marks another step toward standardization, reducing fragmentation and enhancing market integrity.
With 24 supported assets — including Bitcoin, Ethereum, Solana, Dogecoin, and now XRP and ICP — CME Group and CF Benchmarks are setting the gold standard for crypto pricing infrastructure. This development supports not only derivatives innovation but also paves the way for wider acceptance in banking, insurance, and asset management.
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For more information about the CME CF Cryptocurrency Reference Rates and Real-Time Indices, visit www.cmegroup.com/cryptobenchmarks.
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