CME Group is developing a tokenized cash product that could roll out in 2026, as the exchange explores new ways to use blockchain-based collateral in derivatives markets. The project is being built with support from Google Cloud.
CME CEO Terrence Duffy said the firm is working on its “own coin” that could operate on a decentralised network and be used by industry participants. While details remain limited, the product may function as a tokenized cash instrument for settlement and margin rather than a standalone cryptocurrency.
The initiative follows growing acceptance of crypto-based collateral. Regulators in the US have recently authorized the use of specific digital assets—including Bitcoin, Ether, and USDC—as collateral within derivatives margin pilots.
Alongside, CME Group has steadily expanded its cryptocurrency footprint; after establishing a base with Bitcoin futures, the exchange has progressively introduced products tied to Ether, Solana, and XRP.
According to Duffy, the exchange will take a cautious approach, only accepting tokens issued by trusted institutions and applying strict risk controls.
The tokenized cash product could also support broader use cases like repo markets and securities lending.
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