BMO Is First Bank to Join CME's Tokenized Cash Platform on Google Cloud
Bank of Montreal (BMO) is partnering with CME Group and Google Cloud to launch a tokenized cash and deposit platform, becoming the first bank to offer CME’s tokenized cash solution on Google Cloud Universal Ledger (GCUL). This enables BMO’s institutional clients to convert U.S. dollars into tokenized instruments 24/7, allowing real-time margin calls, collateral transfers, and settlements outside traditional banking hours. The solution, aimed at regulated financial firms, is expected to launch in the second half of 2026 pending regulatory approval. GCUL is a programmable distributed ledger designed for wholesale payments and asset tokenization, using Python-based smart contracts. This move aligns with broader trends, as institutions like JPMorgan and Fidelity are developing similar tokenized deposit and stablecoin products. BMO also plans to extend its tokenized deposit platform to support general B2B payments, treasury operations, and programmable cash applications beyond clearing functions.
