CME Group will launch tokenized cash product with Google Cloud later in 2026 for crypto collateral use

CME launches tokenized cash with Google Cloud

CME Group will launch a tokenized cash product with Google Cloud later in 2026 for use as crypto collateral. Chairman and CEO Terry Duffy confirmed the timeline on the company's Q4 2025 earnings call held on 04 February 2026. The partnership builds on an initial announcement from 25 March 2025 when CME completed the first phase of integration and testing.

Google Cloud Universal Ledger powers the system

The tokenized cash product uses Google Cloud Universal Ledger (GCUL), a permissioned distributed ledger technology. GCUL is designed for traditional finance institutions to integrate easily. CME Group completed integration testing in March 2025 and now moves toward production deployment for clearing operations.

"Not only are we looking at tokenized cash […] we're looking at different initiatives with our own coin that we could potentially put on a decentralized network for other of our industry participants to use", 04 February 2026. — Terry Duffy, Chairman and CEO, CME Group

CME explores proprietary token for decentralized network

CME Group reviews a separate initiative to issue its own proprietary token, which media sources refer to as CME Coin. Duffy stated the exchange explores placing this coin on a decentralized network for industry participants. This initiative remains in the exploration phase and differs from the confirmed tokenized cash product launching in 2026.

Regulated custodian bank will facilitate transactions

CME collaborates with a depository bank to facilitate tokenized cash transactions across clearing members. The exchange has not publicly named the custodian bank partner. Industry analysis suggests major custody banks with universal institutional relationships are candidates, but no official confirmation exists as of 04 February 2026.