Kalshi achieves over $1 billion in monthly trade volumes
The Commodity Futures Trading Commission (CFTC) has shown a readiness to review applications from Designated Contract Markets (DCMs) for enabling spot cryptocurrency contracts, as part of its "Crypto Sprint" initiative launched in August 2025. However, the specific firm that filed such an application remains unnamed in the available sources.
Meanwhile, in the world of prediction markets, Kalshi continues to dominate the landscape. The company, known for prioritizing user experience over chasing metrics, has seen significant growth over the past year. Its share of transactions has climbed from 12.9% to an impressive 63.9%, and it now commands 62.2% of global prediction market volume, a significant increase from the 3.1% it held a year ago.
The growth of Kalshi's platform is evident across trading categories, with sports becoming a major driver of activity. The platform recorded 588,520 trades in a single day during NFL Week 2. Tarek Mansour, CEO of Kalshi, attributes this success to a focus on building a user-resonant product.
In an effort to further accelerate on-chain development and strengthen its position relative to Polymarket, Kalshi has announced strategic partnerships with Solana and Base, two blockchain ecosystems known for their scalability and suitability for complex decentralized applications.
As Kalshi continues to innovate beyond its centralised platform, another player is making moves in the regulated prediction market landscape. RSBIX, a company controlled by attorney Jeff Ifrah, who has ties to US President Donald Trump, has filed an application with the CFTC seeking approval to operate as a DCM.
This is not RSBIX's first attempt to enter the market. Previously, they worked with ErisX to launch NFL-focused futures contracts. However, the CFTC rejected ErisX's self-certification of the proposed products in 2020, and the application was eventually withdrawn in 2021. Undeterred, RSBIX's latest move suggests the firm is committed to its long-term goal of establishing the most trusted sports event trading platform in the US.
Central to this plan is a partnership with Matchbook, a UK-licensed betting exchange. The renewed effort by RSBIX comes at a time when other firms are also attempting to carve out space in the regulated prediction market landscape. The September Federal Reserve decision market on Kalshi reached $91m in volume, surpassing the combined total of the previous five Fed decision markets.
The notice of RSBIX's application is available on the CFTC's website, signaling a potential new player in the world of regulated cryptocurrency and prediction markets. As the landscape continues to evolve, it's clear that both Kalshi and RSBIX are at the forefront of innovation and growth.
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