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Deployments · platform by Google

CME Group tokenised cash for margin on Google Cloud Universal LedgerUpdated 14 Oct 2026

CME Group's plan to let clients turn dollars into tokens on Google Cloud Universal Ledger and post them as margin and collateral at CME Clearing at any hour. CME finished a first phase of integration testing in March 2025. In March 2026 BMO was named the first bank to issue the tokenised cash, with launch targeted for the second half of 2026, subject to regulatory approval.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Proof of concept since 25 Mar 2025[3] — Testing only so far; no launch found by mid-October 2026 (target was second half 2026, subject to regulatory approval). Re-check this quarter. · Reviewed 24d ago

Assets
Bank deposit[4]
Bank-issued tokenised cash for margin
Networks
Google Cloud Universal Ledger Private, permissioned[3]
Use cases
CCP margin[4][1]Collateral mobility[4][1]
Jurisdictions
United States

Participants

Timeline

  1. Expected Dec 2026 (month only) · Launch · recorded 11 Oct 2026
    Target window for launch (second half of 2026), subject to regulatory approval.[4]
  2. Happened 22 Apr 2026 · Announcement · recorded 14 Oct 2026
    CME's chief operating officer says it plans to bring clearing members into testing in 2026, aims to go live by year end, and will seek a licence to issue its own stablecoin.[2]
  3. Happened 24 Mar 2026 · Participant joined · recorded 11 Oct 2026
    BMO named the first bank for CME's tokenised cash, targeting the second half of 2026.[4][1]
  4. Happened 25 Mar 2025 · Announcement · recorded 11 Oct 2026
    CME says it has completed the first phase of integration and testing on Google Cloud Universal Ledger and aims to launch services in 2026.[3]

Sources

  1. [1]BMO Introduces Tokenized Cash and Deposit Platform with CME Group and Google Cloud — BMO, 24 Mar 2026. Accessed 14 Oct 2026.B
  2. [2]CME Seeks License to Become Stablecoin Issuer — Markets Media, 22 Apr 2026. Accessed 14 Oct 2026.C
  3. [3]CME to trial tokenization on Google's new Universal Ledger DLT — Ledger Insights, 25 Mar 2025. Accessed 11 Oct 2026.C
  4. [4]BMO announced as first bank for CME's tokenized cash solution with Google Cloud — Ledger Insights, 24 Mar 2026. Accessed 11 Oct 2026.C

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