Chicago-based derivatives exchange CME Group is considering launching its own digital token for use as collateral in financial markets, according to CEO Terry Duffy. The potential move places CME among major banks exploring blockchain-based tokens for payments and settlement, as the stablecoin market’s value grows to approximately $305.8 billion.
CME Group is reviewing the launch of its own digital token as part of an exploration into using tokenized assets for collateral. CEO Terry Duffy made the comments on a company earnings call, stating the exchange is looking at different forms of margin.
Duffy said, “Not only are we looking at tokenized cash […] we’re looking at different initiatives with our own coin that we could potentially put on a decentralized network for other of our industry participants to use.” He added that collateral from a systemically important institution may offer greater comfort than tokens from smaller banks.
The reference to tokenized cash points to a collaboration with Google Cloud announced in March for blockchain-based infrastructure. The potential CME-issued token would be a separate initiative, though the exchange did not specify its function.
This exploration aligns with a broader push by traditional financial institutions into blockchain tokens. In July, Bank of America said it was exploring stablecoins to modernize its payments infrastructure.
JPMorgan rolled out JPM Coin in November for institutional clients to move funds onchain. Fidelity Investments also plans to launch a US dollar–backed stablecoin called the Fidelity Digital Dollar (FIDD).
The stablecoin market has grown considerably since the passage of the GENIUS Act in July 2025. According to DefiLlama data, its market capitalization is now around $305.8 billion, up from approximately $260 billion when the law passed.
