CME Group launches ENA dollar reference rates for London, New York and APAC

Three closing prices for a 24-hour market

The new lineup includes the CME CF Ethena-Dollar Reference Rate for the London close under the ENAUSD RR identifier, a New York closing rate under ENAUSD NY, and an APAC closing rate under ENAUSD AP. Alongside those daily benchmarks, CME is also publishing real-time indices that update during the day.

Using regional closing times allows firms to choose a valuation point that matches their own operating hours instead of relying on a single global cutoff for an asset that trades continuously. For U.S. institutions in particular, the New York version provides an ENA price at 4 p.m. local time, aligning with the end of the American equity trading day even though the token continues trading afterward.

How the benchmarks are calculated

CF Benchmarks said the pricing is derived from trades on eligible spot exchanges that meet its constituent venue rules, rather than from a single marketplace. That approach is intended to reduce dependence on one exchange’s liquidity conditions, order book, or temporary price dislocations.

CME’s announcement distinguishes between two benchmark types. A daily reference rate provides a fixed price at a set time, which can be used for portfolio valuation, net asset value calculations or contract settlement. A real-time index, by contrast, tracks the asset through the day and may be used for trading oversight, collateral monitoring and intraday risk management.

Not a tradable ENA product

The addition of ENA to CME’s benchmark suite does not mean the exchange has launched ENA futures, options or an exchange-traded fund. The Aug. 24 announcement covers pricing benchmarks only, and CME did not announce a tradable ENA contract.

That distinction matters because a benchmark by itself does not require the purchase or custody of the token. It is a standardized pricing tool that can be referenced by banks, fund managers, trading firms or product issuers when valuing exposure or designing separate financial instruments.

Part of CME’s broader crypto expansion

The ENA benchmarks extend a crypto pricing and product lineup that has already grown well beyond Bitcoin and Ether. CME-linked benchmarks and derivatives now cover assets including Solana, XRP, Cardano, Chainlink, Stellar, Avalanche and Sui.

Earlier moves show how reference rates can later support listed products, though no such step has been announced for ENA. In June, CME launched Nasdaq CME Crypto Index futures tied to a basket of major cryptocurrencies. In May, it also introduced standard and micro futures for Avalanche and Sui, both cash-settled against their respective CME CF reference rates.

CF Benchmarks has also continued to broaden the market data used in its crypto benchmarks. In March 2025, Crypto.com became a constituent exchange for several Bitcoin and Ether indices, joining venues that included Coinbase, Kraken, Gemini, Bitstamp, itBit, Bullish and LMAX Digital.

Institutional links around Ethena continue to grow

The benchmark launch comes after a series of moves that have increased Ethena’s connections to institutional markets. ENA is the governance token for the protocol behind USDe, a synthetic dollar whose reserve model uses crypto assets, derivatives positions and other approved arrangements.

On Aug. 19, Ethena and FalconX announced a $1 billion secured lending facility that uses part of USDe’s backing assets to support overcollateralized loans for institutional borrowers. Ethena had also incorporated institutional lending into USDe’s backing structure earlier in 2026, with governance records cited in August showing agreements completed during March and April with Anchorage Digital, Maple Institutional and Coinbase Asset Management.

The next confirmed change from CME is the ongoing daily publication of ENA reference rates and real-time indices across the three regional closes. No comparable ENA derivative was included in the Aug. 24 notice.