CME Advances Tokenization Strategy with Google Cloud Partnership

CME Group has entered the second phase of testing for its wholesale payments and asset tokenization initiative with Google Cloud. The collaboration, first announced in March, leverages Google Cloud Universal Ledger (GCUL) to streamline collateral management, margin processing, and settlement workflows.

Suzanne Sprague, CME's Chief Operating Officer, revealed during the Q2 2025 earnings call that the focus has shifted to settlement solutions. "We're exploring tokenization of cash and non-cash assets within our clearing ecosystem," she stated, projecting potential market solutions by 2026.

Chairman Terry Duffy emphasized efficiency gains as central to CME's stablecoin and tokenization roadmap. "Capital optimization remains paramount, but operational efficiencies across our multi-asset platform will drive the next evolution," Duffy remarked. The exchange has yet to disclose specific use cases for the planned rollout.