In just its first six trading days, the CME’s newly launched XRP futures contracts amassed a total trading volume of $86.6 million, emphasizing the cryptocurrency’s global reach.

The futures, available in both standard contracts (covering 50,000 XRP) and micro contracts (2,500 XRP), saw nearly half — 46% — of their trading volume take place outside U.S. market hours, according to a CME representative who spoke with CoinDesk. This points to a significant level of international participation in the XRP futures market.

XRP, designed for quick and cost-efficient cross-border payments, is used by Ripple and the XRP Ledger (XRPL) to facilitate global money transfers.

These CME futures are cash-settled using the CME CF XRP-Dollar Reference Rate, which sets the price of XRP every day at 4 p.m. London time, allowing traders to gain exposure to XRP’s price without owning the actual cryptocurrency.