CME Group Expands Crypto Pricing Tools with Ethena Benchmark Launch

CME Group has added Ethena's (ENA) token to its suite of cryptocurrency benchmarks, effective August 24, 2026. This move marks another step in CME's expansion of its crypto pricing tools, all administered by CF Benchmarks.

The new products include three reference rate variants: ENAUSD_RR for the London close, ENAUSD_NY for the New York close, and ENAUSD_AP for the APAC close. Each will publish at 4 p.m. local time in its respective region, including weekends and holidays.

Ethena's synthetic dollar, USDe, is collateralized by cryptocurrencies and maintained through delta-neutral hedging strategies. The protocol holds crypto assets while simultaneously shorting them on derivatives exchanges to cancel out price risk, creating something that behaves like a dollar-pegged stablecoin without relying on traditional bank deposits or treasury bills.

ENA is the governance token for this system, giving holders a say in protocol decisions. By benchmarking ENA, CME aims to provide standardized reference rates across three global time zones, addressing a practical challenge in crypto markets where trades occur around the clock.