BMO Launches Tokenized Cash and Deposit Platform with CME Group and Google Cloud: A Major Step Toward 24/7 Payments

What is BMO’s Tokenized Cash Service? Built on CME Group’s permissioned network hosted on Google Cloud’s infrastructure, the platform allows institutional clients to convert U.S. dollars into secure digital tokens that can move instantly, free from the traditional banking hours and settlement delays. Two main components:

Tokenized Cash Available to mutual clients of BMO and CME Group (regulated financial firms active in capital markets and commercial banking). This institutional settlement instrument will facilitate: Margin calls Collateral transfers Transaction settlements The service is expected to launch in the second half of 2026, subject to regulatory approval.

Tokenized Deposits Offered more broadly to BMO clients, these will convert traditional bank deposits into digital form, enabling: B2B payments Treasury movements Programmable cash applications (automated, condition-based payments)

Thanks to this solution, BMO clients will be able to convert dollars into tokenized cash or tokenized deposits 24 hours a day, 7 days a week, supporting the needs of global markets operating around the clock. A High-Level Strategic Partnership

CME Group contributes its expertise in clearing and its established permissioned network, already used for derivatives. Google Cloud provides the scalable and secure Universal Ledger technology for large-scale tokenization. BMO serves as the anchoring bank, handling the conversion of fiat funds into tokens while ensuring full regulatory compliance in Canada and the United States.

“We are excited to collaborate with CME Group and Google Cloud to deliver a truly innovative solution that modernizes the efficiency of capital markets and lays the groundwork for broader use cases in payments and treasury,” said Derek Vernon, Head of Treasury and Payment Solutions, North America at BMO. Why This Announcement Matters Tokenizing cash is one of the most concrete evolutions of traditional finance toward blockchain. It reduces settlement times (often T+1 or T+2), frees up capital faster, and improves collateral management in a near-continuous trading environment. This project follows the 2025 pilot announced by CME Group and Google Cloud, with BMO now moving into the operational phase. For businesses and financial institutions, it means less friction, greater speed, and better capital efficiency in an increasingly digital and globalized financial world. Timeline and Next Steps The platform is scheduled for deployment in the second half of 2026, once regulatory approvals are secured. BMO, CME Group, and Google Cloud will continue working together to expand use cases beyond capital markets.