- CME plans to enable 24/7 movement of assets through tokenization, aiming to launch a related solution in 2026.
- The company’s main focus is on tokenizing cash and other assets within its current ecosystem, not initially on clearing.
- CME is working with Google Cloud to use Universal Ledger technology, but has not decided on its first use case.
- There is some confusion about whether CME may use stablecoins or a permissioned ledger, as executives referenced both during the earnings call.
- CME’s crypto trading has increased, with daily contracts reaching 260,000 and open interest valued at $26 billion.
On its second quarter 2025 earnings call, CME outlined recent progress towards tokenizing cash and other assets by working with Google Cloud‘s Universal Ledger technology. CME expects to roll out a new tokenization solution in 2026. The company says this project is aimed at allowing assets to move continuously, rather than being restricted to traditional banking hours.
CME‘s Chief Operating Officer Suzanne Sprague said the company has moved into a second phase of testing with settlement banks and will later expand to clearing members and clients. She stated, “We’re thinking about tokenizing cash and other noncash assets for our current ecosystem, not really looking at the clearing space to start.” According to Sprague, the initial use case has not been finalized, but the pilot may relate to collateral margin rather than clearing.
Some ambiguity remains whether CME plans to use stablecoins—a type of cryptocurrency backed by assets like government bonds, typically operating outside banks—or a permissioned blockchain system. CEO Terrence Duffy made several references to stablecoins in his comments, even mentioning the Google Cloud partnership in the same context. However, CME’s work with Google Cloud Universal Ledger focuses on tokenizing commercial bank money and operates as a permissioned ledger, which is a controlled blockchain accessible only to certain users. Google has stated that its system aims to modernize bank infrastructure rather than replace existing money forms with stablecoins.
The company did not provide clarification regarding whether it intends to use stablecoins for this project. In contrast, another major exchange, ICE, is working directly with stablecoin issuer Circle.
During the call, management also addressed questions on crypto trading products. CEO Duffy explained that perpetual futures, a type of derivative popular for cryptocurrencies, are not legal in the U.S. He noted there may be utility for such products in crypto, but not for futures that require the physical delivery of underlying goods.
Tim McCourt reported strong growth in crypto trading at CME. By the end of June, the platform averaged 190,000 traded contracts daily—a 130% increase year-over-year. By July 18, trading climbed further to 260,000 daily contracts, with a notional value of $12 billion. Open interest, which measures unsettled contracts, stood at 232,000 contracts, totaling $26 billion in value. McCourt added there are about 800 large traders, and one set a new record for open interest.
Further product updates or clarifications from CME on its tokenization approach are still pending.
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