CME Group (NASDAQ:CME) CEO Terry Duffy revealed the derivatives big is exploring launching its personal crypto that would function on a decentralized community, as CME inventory broke out from an inverse head and shoulders sample focusing on $320.
The ‘CME Coin’ Announcement
Duffy on Wednesday confirmed through the firm’s newest earnings name that CME is exploring “initiatives with our personal coin that we may doubtlessly placed on a decentralized community,” Coindesk reported.
The remark got here in response to Morgan Stanley (NYSE:MS) analyst Michael Cyprys asking about tokenized collateral.
Duffy distinguished between collateral sources. “In the event you had been to present me a token from a systemically essential monetary establishment, I’d most likely be extra comfy than possibly a 3rd or fourth-tier financial institution attempting to subject a token for margin,” he stated.
“Not solely are we taking a look at tokenized money, we’re taking a look at totally different initiatives with our personal coin,” he added.
The corporate is already engaged on a “tokenized money” answer with Google (NASDAQ:GOOGL) set to launch later this yr, involving a depository financial institution facilitating transactions.
The “personal coin” Duffy referenced seems separate—a token CME may placed on a decentralized community for business individuals to make use of.
Furthermore, CME declined to make clear whether or not this coin would operate as a stablecoin, settlement token, or one thing else completely.
Nonetheless, the implications are important as this marks the primary time CME has explicitly floated a proprietary, CME-issued asset operating on a decentralized community.
Following JPMorgan’s Playbook
CME wouldn’t be the primary conventional finance big to launch its personal token.
CME’s crypto quantity hit information with common each day crypto buying and selling quantity reaching $12 billion final yr. Micro-ether and micro-bitcoin futures contracts had been high performers.
CME Inventory Technical Breakout
CME is up 1%, breaking out from a significant inverse head and shoulders sample.
The neckline sits round $290, and CME efficiently broke above it—a strongly bullish technical sign.
The sample initiatives $320 because the measured transfer goal primarily based on the sample’s peak (roughly $35 from head to neckline added to the breakout level).
Moreover, all EMAs sit in good bullish alignment: 20 EMA at $283.09, 50 EMA at $277.40, 100 EMA at $273.71, and 200 EMA at $266.62 stacked under worth in ascending order.
This confirms the uptrend is properly-established.
The RSI at 72.99 exhibits robust bullish momentum in overbought territory above 70.
Whereas operating sizzling brief-time period, robust uptrends can keep overbought readings for prolonged intervals.
Quick help sits at $290 (former resistance turned help), adopted by the 20 EMA at $283.
So long as CME holds above $290, the bullish construction stays intact with a transparent path towards $320.
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