BMO Readies Tokenized Cash Capabilities for Institutional Clients

BMO plans to introduce new 24/7 tokenized cash capabilities that will allow its institutional clients to move value more easily and securely.

To offer these capabilities, BMO will leverage CME Group’s permissioned network on Google Cloud Universal Ledger (GCUL), the bank said in a Tuesday (March 24) press release.

This collaboration will enable BMO clients to convert dollars into a tokenized instrument for use with margined products at CME Group, supporting the 24/7 movement of value for margin calls, trading, settlement and other critical functions, according to the release.

It will also lay the groundwork for BMO tokenized deposits that will support other payment and treasury use cases, the release said.

BMO plans to offer tokenized cash as an institutional settlement instrument for mutual clients of BMO and CME Group; tokenized deposits that will enable B2B payments, treasury movements and programmable cash applications for BMO clients; and the ability to convert U.S. dollars into tokenized deposits and tokenized cash 24/7 for BMO clients, per the release.

“Clients will be able to move funds continuously when markets demand it, not when banking hours allow it — reducing funding gaps and operational friction,” Derek Vernon, head of North American Treasury and Payment Solutions at BMO, said in the release.

CME Group’s derivatives marketplace enables clients to trade futures, options, cash and over-the-counter (OTC) markets; optimize portfolios and analyze data, according to the release.

“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,” Suzanne Sprague, chief operating officer and global head of clearing at CME Group, said in the release.

Google Cloud’s GCUL is a distributed ledger designed for financial institutions in traditional finance. It enables these institutions to leverage their core capabilities and launch services for their clients, per the release.

“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,” James Tromans, managing director, Web3 and digital assets at Google Cloud, said in the release.

Google Cloud and CME Group said in March 2025 that they were piloting solutions for wholesale payments and tokenization of assets. The companies added that CME Group had successfully completed the first phase of integration and testing of GCUL, that they would begin direct testing with market participants later in 2025, and that they planned to launch new services in 2026.