BMO said it is launching a 24/7 tokenized cash platform with CME Group and Google Cloud, aiming to give institutional clients real-time settlement for margin and collateral transfers. The project uses Google Cloud Universal Ledger, or GCUL, and is designed to remove the timing constraints created by traditional bank operating hours.
Under the plan described by BMO, institutional users will be able to convert U.S. dollars into tokenized instruments that can be used to meet margin requirements tied to CME Group derivatives trading. That matters most outside regular banking windows, when market moves can trigger margin calls but settlement systems still run on cut-off times. A short point: the platform targets that gap directly.
Focus on margin flows and after-hours liquidity
BMO said the service will run on a private, regulated permissioned network. Derek Vernon, head of North American cash and payment solutions at BMO, said the capability reflects the bank’s push to bring regulated money into a modern programmable environment, allowing clients to move funds based on market needs rather than bank schedules, which can reduce funding gaps and operational friction.
The use case is clear. When institutions face after-hours margin calls, delays in cash movement can lower collateral efficiency and tie up extra liquidity. BMO’s tokenized cash initiative is built around that operational problem, with the promise of T+0-style around-the-clock liquidity for settlement activity.
Regulated rollout targeted for the second half of 2026
BMO said the platform is expected to open tokenized cash services to regulated financial services companies after regulatory approval in the second half of 2026. The bank also outlined a broader plan beyond immediate margin settlement, including future support for tokenized deposits.
According to the announcement, tokenized deposits would let commercial bank money exist in digital form for a wider set of use cases, including B2B payments, corporate treasury transfers and programmable cash applications. In BMO’s framing, bank-backed tokenized assets offer a more compliance-oriented onchain funding option than unstable stablecoins.
Built on earlier CME and Google Cloud work
The announcement follows prior work between CME Group and Google Cloud, which had already introduced a pilot for wholesale payments and asset tokenization in 2025. BMO is the first bank to join that ecosystem. James Tromans, general manager for Web3 and digital assets at Google Cloud, said the GCUL platform can improve capital efficiency and reduce operational friction across global markets.
CME Group Chief Operating Officer Suzanne Sprague said the company is working to give clients the efficiency needed to meet settlement obligations in real time as markets move toward 24/7 trading. The move also lands as the New York Stock Exchange has disclosed its own tokenization platform plans, adding to signs that large banks and major market operators are rebuilding parts of financial infrastructure around RWA and tokenized money.