TORONTO and CHICAGO and SUNNYVALE, California — March 24, 2026
Executive Summary
BMO Financial Group has announced plans to introduce 24/7 tokenized cash capabilities in collaboration with CME Group and Google Cloud, establishing a new digital financial infrastructure designed to support continuous institutional settlement. The initiative will enable institutional clients to move value more efficiently through CME Group’s permissioned network powered by Google Cloud Universal Ledger (GCUL).
The platform is designed to allow clients to convert U.S. dollars into tokenized instruments for use in margin, collateral, and settlement workflows, supporting the growing need for continuous market operations. The initiative also lays the groundwork for tokenized deposits, expanding use cases into broader payment and treasury applications.
According to the companies, the capabilities are expected to be introduced in the second half of 2026, subject to regulatory approval, and are intended to support evolving institutional requirements for real-time financial infrastructure.
Announcement Overview
BMO Financial Group, in collaboration with CME Group and Google Cloud, has introduced a new initiative focused on delivering tokenized cash and deposit capabilities designed for institutional clients operating in capital markets and commercial banking environments.
The platform leverages Google Cloud Universal Ledger (GCUL), a programmable distributed ledger, alongside CME Group’s permissioned network, to support real-time, secure, and continuous movement of value. Through this infrastructure, BMO aims to provide institutional clients with the ability to access tokenized financial instruments that can be used across margining, settlement, and collateral workflows.
The announcement positions BMO as the first bank to offer CME Group’s tokenized cash solution on GCUL, marking a development in the application of distributed ledger technology within regulated financial services environments.
The initiative reflects a broader shift toward always-on financial systems, where market participants require infrastructure capable of supporting 24/7 trading, settlement, and liquidity management.
Key Announcement Details
- Announcement Type: Tokenized cash and deposit platform introduction
- Announcing Organization: BMO Financial Group
- Collaborating Entities: CME Group, Google Cloud
- Announcement Date: March 24, 2026
- Announcement Locations: Toronto, Chicago, Sunnyvale, California
- Industry Positioning: First bank to offer CME Group’s tokenized cash solution on Google Cloud Universal Ledger
- Strategic Initiative: Expansion of digital financial infrastructure for institutional settlement
Platform and Infrastructure
- Core Platform: Google Cloud Universal Ledger (GCUL)
- Ledger Type: Programmable distributed ledger
- Network Type: Private, permissioned network
- Operational Environment: Institutional and regulated financial framework
- Integration Capability: Designed for traditional financial institutions
- CME Integration: Tokenized cash solution deployed via CME Group’s permissioned network
- Cloud Infrastructure Provider: Google Cloud
Core Capabilities Introduced
- Tokenized Cash Capability:
- Enables conversion of U.S. dollars into tokenized instruments
- Designed for institutional settlement use
- Supports margin, collateral, and settlement workflows
- Built for high-value, real-time transaction needs
- Tokenized Deposits Capability:
- Represents traditional commercial bank funds in digital form
- Extends availability to a broader BMO client base
- Enables general-purpose B2B payments
- Supports treasury management and programmable cash use cases
- 24/7 Value Movement:
- Continuous, always-on fund transfer capability
- Removes dependency on traditional banking hours
- Supports extended trading and settlement cycles
- Enables movement of collateral without cutoff constraints
Client Access and Eligibility
- Eligible Users: Institutional clients of BMO
- Mutual Client Requirement: Tokenized cash available to mutual clients of CME Group and BMO
- Target Segments:
- Capital markets participants
- Commercial banking clients
- Regulated financial services firms
Use Cases and Applications
- Margin Management: Real-time margin call fulfillment
- Collateral Movement: Continuous transfer of collateral assets
- Settlement Operations: Real-time settlement execution
- Trading Support: Alignment with extended and continuous trading environments
- Treasury Operations: Digital treasury and liquidity management
- B2B Payments: General-purpose institutional payments
- Programmable Cash: Rule-based financial workflows
Operational Benefits (Company-Stated)
- Capital Efficiency:
- Frees up capital previously constrained by banking cycles
- Operational Efficiency:
- Reduces friction in settlement and funding processes
- Liquidity Optimization:
- Enables continuous availability of funds
- Funding Gap Reduction:
- Eliminates delays caused by banking cutoffs
- Uniform Infrastructure:
- Supports consistent financial operations across workflows
Market Context and Industry Drivers (Company-Stated)
- Shift Toward 24/7 Markets: Increasing demand for continuous trading and settlement
- Institutional Requirement: Need for infrastructure supporting uninterrupted financial operations
- Digital Asset Growth: Expansion of stablecoins and tokenized deposit ecosystems
- Capital Markets Evolution: Transition toward real-time financial infrastructure
CME Group Role and Capabilities
- Tokenized Cash Solution Provider: Enables tokenized settlement at CME Clearing
- Clearing Integration: Supports margin and settlement obligations in real-time
- Operational Objective: Improve collateral efficiency and reduce margin costs
- Market Infrastructure: Provides clearing and settlement backbone
Google Cloud Role and Capabilities
- Infrastructure Provider: Delivers GCUL platform
- Technology Stack: Enterprise-ready, cloud-based infrastructure
- Functionality:
- Enables integration of financial systems
- Supports programmable financial workflows
- Facilitates scalable deployment
BMO Strategic Positioning
- Industry Role: North American leader in payments
- Strategic Objective: Expand access to tokenized cash within a bank-anchored framework
- Long-Term Direction:
- Introduce tokenized deposits
- Enable programmable money movement
- Modernize financial infrastructure
Timeline and Availability
- Initial Launch: March 2026 (announcement and platform introduction)
- Tokenized Cash Availability: Expected in second half of 2026
- Condition: Subject to regulatory approval
Technology Characteristics of GCUL
- Programmable Ledger: Supports rule-based transaction execution
- Account and Asset Management: Simplifies tracking of balances and instruments
- Distributed Architecture: Enables shared ledger across participants
- Permissioned Access: Restricted to authorized institutional users
- Ease of Use: Designed for integration with traditional financial systems
Collaboration Background
- Initial Partnership: CME Group and Google Cloud collaboration announced March 2025
- Initial Focus:
- Secure wholesale payments
- Tokenization of financial assets
- Current Expansion: Inclusion of BMO Financial Group
- New Scope: Integration of banking, clearing, and cloud infrastructure
Strategic Outcomes
- Infrastructure Development: Establishes foundation for tokenized deposits
- Financial Innovation: Enables programmable, digital financial instruments
- Market Enablement: Supports continuous global market operations
- Ecosystem Expansion: Aligns banking, clearing, and cloud capabilities
Additional Context from Announcement
- BMO Positioning Statement: Supports institutional clients with expanded tokenized cash use cases
- CME Objective: Provide efficiencies for managing collateral and margin costs
- Google Cloud Objective: Deliver infrastructure to solve complex financial challenges
Platform Capabilities and Functional Scope
Tokenized Cash for Institutional Settlement
The new platform introduces tokenized cash capabilities that allow institutional participants to convert traditional U.S. dollars into a digital representation of value. These tokenized instruments can be used within CME Group’s clearing ecosystem, enabling real-time settlement for margin and collateral obligations.
The solution is designed to support high-value transactions and operational workflows that require immediate settlement execution. By enabling tokenized cash within a regulated, bank-anchored framework, BMO is extending access to digital financial infrastructure within existing institutional systems.
Tokenized Deposits for Broader Financial Applications
In addition to tokenized cash, the platform establishes a foundation for tokenized deposits, which represent traditional commercial bank funds in digital form. These deposits are expected to support a broader range of financial applications beyond capital markets.
Planned use cases for tokenized deposits include:
- Business-to-business (B2B) payments
- Treasury management functions
- Programmable cash applications
This capability is intended to expand the role of digital assets within traditional banking environments while maintaining alignment with regulated financial systems.
Always-On Movement of Value
A core component of the platform is the ability to enable continuous, 24/7 movement of funds. Institutional clients will be able to convert U.S. dollars into tokenized cash and deposits at any time, supporting financial operations that extend beyond traditional banking hours.
This functionality is designed to address operational requirements associated with:
- Margin calls
- Trading activity
- Settlement processes
- Collateral management
By removing traditional cutoff constraints, the platform supports extended trading hours and continuous market participation.
Strategic Context: Transition Toward Continuous Financial Infrastructure
The introduction of tokenized cash and deposit capabilities reflects a broader transition within global financial markets toward continuous operations and digital asset integration.
According to the companies, institutional participants increasingly require infrastructure that supports real-time execution of financial obligations, particularly in environments where trading activity occurs across multiple time zones and market sessions.
The platform leverages Google Cloud Universal Ledger, which is designed as a programmable, distributed ledger system that simplifies the management of accounts and assets. The system facilitates transfers on a private and permissioned network, allowing financial institutions to operate within a controlled and regulated environment.
CME Group’s tokenized cash solution is designed to support real-time settlement requirements associated with margin and collateral workflows. The integration of this solution with BMO’s banking infrastructure enables institutional clients to access tokenized financial instruments within an established financial ecosystem.
According to BMO, the initiative aligns with its objective to expand regulated money movement into programmable digital environments, supporting evolving market requirements while maintaining compliance with financial regulations.
Leadership Statements
“We are excited to work with CME Group and Google Cloud to deliver a truly innovative solution that modernizes capital market efficiency as the industry advances toward more continuous trading and settlement, while laying the groundwork for BMO tokenized deposits that support broader real-world payment and treasury use cases,” said 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.”
“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,” said Suzanne Sprague, Chief Operating Officer and Global Head of Clearing, CME Group. “Working with BMO and Google Cloud to tokenize 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.”
“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,” said James Tromans, Managing Director, Web3 and Digital Assets, Google Cloud. “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.”
Technology Foundation: Google Cloud Universal Ledger (GCUL)
Google Cloud Universal Ledger (GCUL) serves as the core infrastructure supporting the tokenized cash and deposit platform developed by BMO Financial Group, in collaboration with CME Group and Google Cloud. It is a programmable, distributed ledger designed to integrate with existing systems used by regulated financial institutions.
GCUL enables the representation, management, and transfer of tokenized financial instruments within a controlled, institutional framework, supporting operational alignment with traditional banking environments.
Key Characteristics of GCUL
- Ease of integration: Connects with existing financial infrastructure without requiring system replacement
- Account and asset management: Supports tracking and handling of balances and tokenized instruments
- Private, permissioned network: Restricts access to authorized participants, supporting regulatory compliance
- Programmable workflows: Enables rule-based execution for settlement, payments, and collateral processes
The platform provides a shared, secure ledger environment that supports real-time financial operations while maintaining institutional control and governance.
Collaboration Background
The announcement builds upon a prior collaboration between CME Group and Google Cloud, which was first introduced in March 2025 to pilot solutions focused on secure wholesale payments and asset tokenization using GCUL.
The inclusion of BMO Financial Group extends this initiative into a banking context, enabling the integration of tokenized financial instruments within a regulated commercial banking framework.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of approximately $1.5 trillion as of January 31, 2026. With a history spanning over 200 years, the organization operates as a diversified financial institution providing a broad range of services across personal banking, commercial banking, wealth management, global markets, and investment banking.
The bank serves approximately 13 million clients across Canada, the United States, and select international markets, delivering financial products and services through a combination of branch networks, digital platforms, and institutional channels. Its operations span retail consumers, small and medium-sized enterprises, large corporates, and institutional clients.
BMO’s product suite includes deposit accounts, lending solutions, investment products, treasury services, and capital markets offerings, designed to support a wide spectrum of financial needs. The institution maintains a presence in both consumer-facing banking services and institutional financial markets, enabling participation across multiple segments of the financial ecosystem.
The organization operates under a stated purpose to Boldly Grow the Good in business and life, reflecting its focus on supporting economic growth, sustainable finance initiatives, and community development programs across the markets it serves.
About CME Group
CME Group operates as a global derivatives marketplace, enabling market participants to access trading, clearing, and data services across a wide range of asset classes. These include interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals, providing tools for price discovery and risk management.
The company offers multiple trading platforms and services, including:
- Futures and options trading through the CME Globex electronic trading platform
- Fixed income trading via the BrokerTec platform
- Foreign exchange trading on the EBS platform
CME Group also operates CME Clearing, a central counterparty clearing house that plays a critical role in financial markets by facilitating the clearing and settlement of trades. This infrastructure supports risk mitigation, margin management, and settlement efficiency for market participants globally.
Through its integrated marketplace, CME Group enables clients to trade, manage exposure, optimize portfolios, and access market data, supporting institutional investors, corporations, and financial intermediaries in navigating global financial markets.
About Google Cloud
Google Cloud provides a comprehensive suite of cloud computing services, including artificial intelligence, infrastructure, data analytics, security, and developer tools, designed to support organizations in building, deploying, and scaling digital applications.
The platform is built on Google’s global infrastructure, offering:
- Planet-scale computing and storage capabilities
- Custom-designed hardware and processing systems
- Integrated data and analytics tools
- AI and machine learning models and development platforms
- Enterprise-grade security and compliance features
Google Cloud delivers a fully integrated technology stack, enabling organizations to manage workloads, develop applications, and process data within a unified environment. Its capabilities support a wide range of use cases across industries, including financial services, healthcare, retail, and manufacturing.
Serving customers in more than 200 countries and territories, Google Cloud acts as a technology partner for enterprises seeking to advance digital transformation initiatives, enhance operational efficiency, and deploy scalable, cloud-based solutions.
Media Contact
For additional information, visit capitalmarkets.bmo.com.
Source Attribution
Source: Company announcement