BMO, CME Launch Tokenised Cash Capabilities

BMO, along with CME Group and Google Cloud, has introduced 24/7 tokenised cash capabilities that the firms say will allow clients to move value more easily and securely using CME Group’s permissioned network on Google Cloud Universal Ledger (GCUL).

The firms note that as global markets require continuous operations, institutions need infrastructure that can support the 24/7 movement of value for critical functions including margin calls, trading and settlement. They add that CME Group’s tokenised cash solution is designed to support high-value, real-time settlement needs for institutional participants. 

The new service, which is only available to mutual clients of CME and BMO, will offer an institutional settlement instrument to regulated financial services firms operating in capital markets and the commercial banking space in the second half of 2026, pending regulatory approval.

This move will allow BMO to offer traditional commercial bank funds in digital form, made available to a broader set of clients to enable general-purpose B2B payments, treasury movements, and programmable cash applications. This means that clients will be able to convert dollars into tokenised deposits and tokenised cash 24/7, allowing the bank to meet global market needs such as extended trading hours, more continuous operations and moving collateral without traditional cutoff constraints.    

“[This] solution modernises capital market efficiency as the industry advances toward more continuous trading and settlement, while laying the groundwork for BMO tokenised deposits that support broader real-world payment and treasury use cases,” says Derek Vernon, head, North American treasury and payment solutions, BMO. “As the global ecosystem for stablecoins and tokenized deposits continues to expand rapidly, this capability marks significant progress of BMO’s ambition to bring regulated money movement into a modern, programmable environment. Clients will be able to move funds continuously when markets demand it, not when banking hours allow it – reducing funding gaps and operational friction.”     

Suzanne Sprague, COO and global head of clearing at CME Group, adds, “Working with BMO and Google Cloud to tokenise cash at CME Clearing will allow firms to meet margin requirements and settlement obligations in real-time, freeing up capital that would otherwise need to wait for traditional banking cycles.”