BMO partners with CME Group and Google Cloud for tokenized cash platform

BMO Financial Group announced plans to introduce a tokenized cash and deposit platform in collaboration with CME Group and Google Cloud, enabling 24/7 institutional settlement capabilities.

The platform will allow BMO's institutional clients to convert U.S. dollars into tokenized instruments for use with margined products at CME Group. The solution operates on CME Group's permissioned network using Google Cloud Universal Ledger.

BMO plans to offer the institutional settlement instrument to regulated financial services firms in the second half of 2026, pending regulatory approval. The bank will also introduce tokenized deposits for broader commercial banking applications, including business-to-business payments and treasury movements.

"Clients will be able to move funds continuously when markets demand it, not when banking hours allow it – reducing funding gaps and operational friction," said Derek Vernon, Head of North American Treasury and Payment Solutions at BMO.

The tokenized cash solution addresses institutional needs for real-time settlement during extended trading hours. CME Group's Chief Operating Officer Suzanne Sprague said the technology will allow firms to meet margin requirements and settlement obligations in real-time.

The collaboration builds on CME Group and Google Cloud's March 2025 announcement to pilot wholesale payment solutions using Google Cloud Universal Ledger. The ledger is designed as a programmable, distributed platform for financial institutions to manage accounts and facilitate transfers on a private network.

BMO reported total assets of $1.5 trillion as of January 31, 2026, and serves approximately 13 million clients across North America and select global markets. The bank describes itself as the eighth largest bank in North America by assets.

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