USDCME Group Advances Tokenized Cash Plans With Google Partnership, CEO Floats “CME Coin” for Crypto Collateral
Exchange Operator Details Tokenized Cash Rollout Timeline and Institutional Collateral Use Case
TL;DR
- CME Group is developing a tokenized cash product with Google for use as derivatives and crypto collateral.
- CEO Terrence Duffy said the initiative could include a so-called “CME Coin,” stressing infrastructure over retail crypto.
- The product is expected to roll out this year, with comments made public on February 4, 2026.
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CME Group is developing a tokenized cash instrument in collaboration with Google that could be used as collateral across derivatives and crypto-related markets, according to comments from Chairman and Chief Executive Officer Terrence Duffy reported on February 4, 2026. Duffy said the exchange operator is actively evaluating tokenized collateral solutions and confirmed the product is designed to function inside regulated market infrastructure rather than as a freely circulating digital asset. He described the initiative as part of CME’s broader “weighing of tokenized collateral” efforts tied to clearing and settlement operations.
Duffy said the tokenized cash product could be informally referred to as a “CME Coin,” while stopping short of confirming an official product name. He said the concept is not intended to resemble a retail stablecoin and would instead be used within CME’s own ecosystem for margining and collateral purposes. The collaboration with Google centers on building the underlying technology and infrastructure needed to support the tokenized cash instrument inside CME’s existing market structure.
CME said the tokenized cash coin is expected to roll out this year, with the exchange positioning it as a tool to improve collateral efficiency for institutional participants. The company did not disclose issuance size, blockchain network selection, or specific asset classes that would initially support the product. CME also did not provide details on custody arrangements or whether the token would operate on a permissioned system.
The initiative places CME among a growing group of large financial institutions exploring blockchain-based representations of cash for institutional use. Duffy said the effort is focused on operational efficiency within derivatives markets rather than launching a new crypto trading product. CME operates one of the world’s largest regulated derivatives exchanges and has expanded its digital asset offerings in recent years while maintaining its existing clearinghouse framework.
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