Expands Plans for Tokenization by CME
CME Group, one of the world's leading derivatives marketplaces, has announced plans to collaborate with Google Cloud for tokenization efforts. The focus is on enabling the 24/7 movement of assets primarily within CME's existing ecosystem, starting with settlement banks and eventually clearing members and clients [1][2].
In a recent earnings call, CME discussed plans for tokenization, with the aim of improving operational efficiencies. The COO of CME, Suzanne Sprague, is leading the project and has highlighted the plan to tokenize cash and non-cash assets [1]. The partnership with Google Cloud's Universal Ledger aims to allow continuous (24/7) movement of tokenized assets.
However, it is important to note that CME is not currently planning to use stablecoins in their tokenization efforts with Google Cloud Universal Ledger. Instead, they are focusing on tokenizing cash and other non-cash assets [1][2]. If not for clearing, the first tokenization use case is likely to be for collateral margin purposes.
The CME's crypto products have continued to grow in popularity, with an average trading volume of 260,000 contracts per day and a notional value of $12 billion through 18 July 2025. The daily trading volume for CME's crypto products reached approximately 190,000 contracts by the end of June 2025, showing a year-on-year growth of 130%. The open interest for CME's crypto products is around 232,000 contracts with a notional value of $26 billion [1].
Google Cloud's Universal Ledger is a permissioned blockchain for tokenizing commercial bank money and other assets, with the aim to 'reimagine the infrastructure' for traditional bank deposits, not 'reinvent money' like stablecoins [2].
Meanwhile, ICE, a major trading house group, is collaborating with stablecoin issuer Circle. However, CME has not yet provided any information regarding their plans to leverage stablecoins.
References:
[1] CME Group Earnings Call Transcript, 2025. [2] CME Group Press Release on Google Cloud Collaboration, 2025.
- CME Group is currently collaborating with Google Cloud for tokenization efforts, aiming to improve operational efficiencies.
- Suzanne Sprague, the COO of CME, is leading this project, with plans to tokenize both cash and non-cash assets.
- At present, CME is not incorporating stablecoins in its tokenization efforts with Google Cloud Universal Ledger, instead focusing on traditional assets.
- The first tokenization use case within CME's ecosystem is expected to be for collateral margin purposes, before expanding to clearing members and clients.
- Google Cloud's Universal Ledger, a permissioned blockchain, aims to reimagine the infrastructure for traditional bank deposits and assets, thus differing from stablecoins that aim to reinvent money.
- ICE, another major trading house group, is working with stablecoin issuer Circle, but CME has not yet unveiled any plans to adopt stablecoins in their projects.
