Melker Bengtsson
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Cboe has extended its S&P 500 options license with S&P Dow Jones Indices until 2051, with tokenized options explicitly mentioned
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Stablecoins have been written into the contract as an accepted form of settlement; transactions can be cleared on a blockchain
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The license gives S&P DJI freedom to tokenize the index, and it's already in use on Centrifuge and Hyperliquid
Cboe, the American exchange operator and market infrastructure provider, has extended its S&P 500 options license with S&P Dow Jones Indices. Tokenized options are explicitly mentioned in the announcement.
The S&P 500 has had options on Cboe since 1983 and last year had its fourth consecutive year with a record number of contracts. SPX options traded 3.9 million contracts a day last year, 970 million total.
The released new license announcement shows that the two parties are considering tokenized options as a next step in their product suite. No date or other information was provided. The contract filed with the SEC does not name a specific tokenized product.
What it means for crypto
First of all, stablecoins have been written into the contract as an accepted form of settlement. This means that the license permits Cboe to list an SPX option that settles in, for example, USDC.
Secondly, the new license also states that transactions can be cleared through a clearing agency running on a blockchain. Today, every single US listed option trade clears through the Options Clearing Corporation.
And finally, Cboe is allowed to list the products on regulated securities exchanges only. The new contract states that a regulated exchange on a blockchain actually counts as one.
The Index Is Already On-Chain
The license is valid until 2051, so it's a good idea to future-proof. And with the speed that tokenization is moving, it's a reasonable target for that timeframe. S&P DJI has carved out a right for itself. The license does give S&P DJI freedom to tokenize the index. And it's already in use. Centrifuge was licensed in July of 2025 to build a tokenized S&P 500 index fund, and since March of this year, an S&P 500 perpetual futures contract is available to non-US investors on Hyperliquid via Trade[XYZ].
In the release, the wording was that Cboe "may" create these products, but the actual license didn't hedge. However, until Cboe files with the SEC for an option that settles in stablecoins, this is all text on a piece of paper.
One thing is clear, the S&P 500 is going on-chain.
