BMO, CME Group and Google Cloud Launch Tokenized Cash Solution

BMO has partnered with CME Group and Google Cloud to launch 24/7 tokenized cash capabilities, aimed at enabling institutional clients to move value more efficiently and securely.

The initiative will leverage CME Group’s permissioned network on Google Cloud Universal Ledger (GCUL), creating a bank-anchored framework that allows BMO’s institutional clients to convert US dollars into tokenized instruments for use with margined products at CME Group.

The new capabilities are designed to expand access to tokenized cash within an institutional setting, supporting clients across capital markets and commercial banking.

Subject to regulatory approval, BMO expects to roll out an institutional settlement instrument to mutual clients in the second half of 2026.

A key component of the offering is tokenized deposits, which will enable BMO to provide traditional commercial bank funds in digital form. These will be available to a broader set of clients, supporting business-to-business payments, treasury operations, and programmable cash use cases.

The move also introduces always-on value transfer, allowing clients to convert US dollars into tokenized cash and deposits around the clock. This is expected to support evolving market demands, including extended trading hours, continuous operations, and more flexible collateral movement without traditional cut-off times.

Derek Vernon, head of North American treasury and payment solutions at BMO, said: “As the global ecosystem for stablecoins and tokenized deposits continues to expand rapidly, this capability marks significant progress of BMO’s ambition to bring regulated money movement into a modern, programmable environment."

“Clients will be able to move funds continuously when markets demand it, not when banking hours allow it — reducing funding gaps and operational friction.”