Bank of Montreal (BMO) has become the first institutional client of CME Group’s 24/7 tokenized cash settlement platform, a collaboration with Google Cloud that will enable real‑time movement of funds for margin, collateral, and settlement workflows.
The platform uses CME’s clearing infrastructure and Google Cloud’s Universal Ledger (GCUL), a permissioned distributed ledger that supports tokenized deposits—regulated, FDIC‑insured claims on bank balances—distinguishing them from crypto‑native stablecoins. The service is slated to go live in the second half of 2026 after regulatory approval.
By offering continuous, low‑latency settlement, the partnership addresses a growing demand among institutional investors for 24/7 market operations. It positions CME Group to capture a broader share of the tokenization ecosystem beyond pilot projects, while giving BMO a modern treasury tool that can free up capital and reduce settlement risk.
Derek Vernon, Head of North American Treasury and Payment Solutions at BMO, said the collaboration "modernizes capital market efficiency as the industry advances toward more continuous trading and settlement, laying the groundwork for tokenized deposits that support broader real‑world payment and treasury use cases." Suzanne Sprague, COO and Global Head of Clearing at CME Group, added that the platform 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 launch will require regulatory clearance, and both parties have indicated that the service will be available to institutional clients in the second half of 2026. The partnership signals a broader industry shift toward blockchain‑enabled treasury operations and positions both BMO and CME Group to benefit from the expanding market for continuous cash settlement.
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