CME and Google Cloud Team Up to Bring 24/7 Tokenized Trading to Wall Street

At the core of the initiative is Google Cloud’s Universal Ledger (GCUL), a distributed ledger platform tailored specifically for financial institutions. The CME Group has already completed the first phase of testing GCUL and plans to begin working directly with market participants later this year. If successful, a broader rollout of the new services is anticipated in 2026.

“Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading,” said Terry Duffy, CME Group Chairman and CEO, in a press release. “We are pleased to be collaborating with Google Cloud to explore the potential for this new technology to transform how our industry operates.”

GCUL is designed to handle account and asset management within a permissioned, secure digital environment. Unlike public blockchains, which are fully open and decentralized, GCUL operates on a private, permissioned model—making it more suitable for regulated financial institutions that require strong governance and oversight. The system allows for programmable transactions and automated workflows, enabling faster processing of traditionally slow functions like clearing and settlement.

CME Group’s adoption of tokenization comes at a time when traditional financial institutions are increasingly exploring blockchain-based infrastructure. The idea is simple but powerful: by representing financial assets as digital tokens on a ledger, market participants can streamline operational complexity, reduce counterparty risk, and unlock liquidity that’s often tied up due to outdated processes.

“This initiative underscores our belief that cloud and distributed ledger technology can drive meaningful progress in financial markets,” said Rohit Bhat, General Manager of Financial Services at Google Cloud. “Partnering with CME Group to innovate with GCUL exemplifies this commitment and demonstrates how Google Cloud is helping modernize infrastructure to support a more efficient and interconnected global financial system.”

The push for tokenization also aligns with broader industry trends. According to a recent World Economic Forum report, the market for tokenized real-world assets (RWAs) could reach as much as $16 trillion by 2030. Of the roughly $230 trillion in securities globally, only about $25 trillion is currently eligible for collateral use—highlighting the inefficiencies that tokenization could help resolve. Tokenizing these assets can make them easier to move, track, and use as collateral in a variety of financial transactions.

CME Group’s interest in this space is not surprising. As one of the largest derivatives marketplaces in the world, CME plays a central role in managing risk and liquidity in global markets. The ability to tokenize margin and settlement processes could offer enormous benefits—not only in cost savings, but in reducing systemic risk and allowing for true around-the-clock trading.

The move also reflects the evolving regulatory landscape. With the return of President Donald Trump to the White House in 2025, his administration has signaled a push toward more streamlined regulations for financial innovation, including blockchain and tokenization technologies. Industry stakeholders hope this regulatory clarity will accelerate institutional adoption of blockchain infrastructure without compromising market integrity.

While it's still early days, this pilot between CME Group and Google Cloud could become a blueprint for how capital markets evolve in the years ahead. If successful, it may pave the way for other exchanges and institutions to follow suit—potentially ushering in a new era of programmable finance and on-demand liquidity.

As the lines between traditional finance and Web3 technologies continue to blur, one thing is clear: the race toward real-time, tokenized financial markets is heating up, and CME Group intends to lead the charge.