BMO, in collaboration with CME Group and Google Cloud, has announced plans to launch new 24/7 tokenised cash capabilities that enable institutional clients to move value more easily and securely using CME Group’s permissioned network on Google Cloud Universal Ledger (GCUL). This initiative marks BMO as the first bank to offer CME Group’s tokenised cash solution on Google Cloud.

Derek Vernon, Head, North American Treasury and Payment Solutions, BMO, said, “We are excited to work with CME Group and Google Cloud to deliver a truly innovative solution that 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.” 

“As the global ecosystem for stablecoins and tokenised 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,” he added.    

Modernising institutional settlement with tokenised cash

As a leading North American payments institution, BMO is expanding use cases for accessing tokenised cash through a bank-anchored, institutional framework. This framework allows BMO clients to convert U.S. dollars into a tokenised instrument for use with margined products at CME Group.

With global markets demanding continuous operations, institutions require infrastructure capable of supporting 24/7 value movement for critical functions such as margin calls, trading, and settlement. CME Group’s tokenised cash solution is designed to meet these high-value, real-time settlement needs for institutional participants.

Suzanne Sprague, Chief Operating Officer and Global Head of Clearing, CME Group, said, “With the world moving toward 24/7 trading, CME Group is focused on providing the efficiencies our clients need to manage collateral and margin costs. 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.”

The key features of the tokenised cash platform include the following.

Tokenised Cash. Available to mutual clients of CME Group and BMO, the bank plans to offer an institutional settlement instrument to regulated financial services firms operating in capital markets and commercial banking in the second half of 2026, pending regulatory approval.

Tokenised Deposits. BMO will offer traditional commercial bank funds in digital form, accessible to a broader set of clients for general-purpose B2B payments, treasury movements, and programmable cash applications.

Always-On Movement of Value. Clients will be able to convert U.S. dollars into tokenised deposits and cash 24/7, supporting extended trading hours, continuous operations, and collateral movement without traditional cutoff constraints.

Building on prior innovations

This collaboration builds upon CME Group and Google Cloud’s March 2025 announcement to pilot secure wholesale payments and asset tokenisation solutions using GCUL.

James Tromans, Managing Director, Web3 and Digital Assets, Google Cloud, quoted, “Our collaboration with CME Group and BMO demonstrates how Google Cloud’s innovative infrastructure solves the complex challenges in finance and empowers our partners to fundamentally transform their businesses.” 

He added, “By providing an enterprise-ready, easy-to-integrate foundation through Google Cloud Universal Ledger, we are enabling BMO and CME Group to offer unparalleled capital efficiency and are helping to significantly reduce operational friction for global markets.”

Google Cloud Universal Ledger is a programmable, distributed ledger designed for easy integration by traditional financial institutions. It simplifies account and asset management and facilitates transfers on a private, permissioned network. 

The platform enables participants to use key features to launch services that address changing client needs and improve experiences.