Bank of Montreal (BMO) has partnered with CME Group and Google Cloud to become the first bank offering a tokenized cash platform on Google Cloud Universal Ledger. The service will enable BMO’s institutional clients to convert U.S. dollars into tokens for 24/7 margin, collateral, and settlement movements. BMO also plans future tokenized deposits for broader business payments and treasury applications.
Bank of Montreal (BMO) is launching a tokenized cash and deposit platform in collaboration with derivatives marketplace CME Group and Google Cloud. BMO will be the first bank to offer CME Group‘s tokenized cash solution on the Google Cloud Universal Ledger (GCUL), according to a joint press release.
The platform allows institutional clients to convert U.S. dollars into tokenized instruments for real-time financial operations without traditional banking hour constraints. “Clients will be able to move funds continuously when markets demand it, not when banking hours allow it,” said Derek Vernon, BMO’s head of North American treasury and payment solutions.
BMO plans to offer the settlement instrument to regulated financial firms in the second half of 2026, pending regulatory approval. This initiative aligns with CME Group‘s move to round-the-clock trading for its cryptocurrency futures and options in early 2026.
The Google Cloud Universal Ledger is a programmable distributed ledger using Python-based smart contracts for wholesale payments. CME Group completed its first phase of integration and testing for GCUL back in March 2025.
This development fits a broader institutional trend toward tokenization. JPMorgan has already deployed tokenized deposits, and Fidelity Investments has announced plans for a U.S. dollar-backed stablecoin.
Beyond clearing services, BMO intends to use the platform for tokenized deposits enabling general-purpose B2B payments and programmable cash. The bank aims to expand these services to a broader client base in the future.
