According to Chicago-based trading behemoth CME Group, XRP futures are the fastest ever to surpass $1 billion in open interest (OI).

This comes shortly after the red-hot product also logged a new record high in the number of contracts.

As reported by U.Today, the trading titan introduced XRP futures in May after launching Solana-based ones.

CME's cryptocurrency futures have now surpassed a total of $30 billion in open interest for the first time.

Bitcoin and Ethereum, the two largest cryptocurrencies, have recorded $16 billion and $10.5 billion in open interest, respectively.

After initially introducing regulated Bitcoin futures in late 2017, CME has emerged as a major player on the crypto market.

According to the Chicago-based trading behemoth, the new OI record should be treated as a "huge sign" of market maturity.

At the same time, the XRP price continues to struggle amid a broader cryptocurrency market correction.

The token is down more than 2% over the last 24 hours. Earlier this Tuesday, it dipped below the $2.9 level once again, reaching an intraday low of $2.84.