The Bank of Montreal (BOMO) has collaborated with CME Group and Google Cloud to introduce new 24/7 tokenised cash capabilities.
The introduction of these features is designed to allow institutional clients to move value more easily and securely using CME Group's permissioned network on Google Cloud Universal Ledger (GCUL).
BMO is supporting its institutional clients by expanding use cases for accessing tokenised cash through a bank-anchored, institutional framework that enables BMO clients to convert dollars into a tokenised instrument for use with margined products at CME Group.
CME Group's tokenised cash solution is designed to support high-value, real-time settlement needs for institutional participants.
Derek Vernon, head of North American Treasury and Payment Solutions, BMO, states: “We are excited to work with CME Group and Google Cloud to deliver a truly innovative solution that modernises capital market efficiency as the industry advances toward more continuous trading and settlement, while laying the groundwork for BMO tokenised deposits that support broader real-world payment and treasury use cases.
“As the global ecosystem for stablecoins and tokenised 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.”
Key features of the new capabilities include: tokenised cash, available to mutual clients of CME Group and BMO, the bank plans to offer an institutional settlement instrument to regulated financial services firms operating in capital markets and the commercial banking space in the second half of 2026, pending regulatory approval.
It also includes tokenised deposits allowing BMO to offer traditional commercial bank funds in digital form, made available to a broader set of BMO clients to enable general-purpose B2B payments, treasury movements, and programmable cash applications, in addition to always-on movement of value, with BMO clients being able to convert US dollars into tokenised deposits and tokenised cash 24/7, allowing the bank to meet global market needs such as extended trading hours, more continuous operations, and moving collateral without traditional cut-off constraints.
Suzanne Sprague, chief operating officer and global head of clearing at CME Group, says: “Working with BMO and Google Cloud to tokenise cash at CME Clearing will allow firms to meet margin requirements and settlement obligations in real-time, freeing up capital that would otherwise need to wait for traditional banking cycles.”
James Tromans, managing director, Web3 and digital assets at Google Cloud, adds: “Our collaboration with CME Group and BMO demonstrates how Google Cloud's innovative infrastructure solves the complex challenges in finance and empowers our partners to fundamentally transform their businesses.
“By providing an enterprise-ready, easy-to-integrate foundation through Google Cloud Universal Ledger, we are enabling BMO and CME Group to offer unparalleled capital efficiency and are helping to significantly reduce operational friction for global markets.”
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