Chicago-based derivatives exchange CME Group is considering launching a proprietary digital token as it explores using tokenized assets for collateral across financial markets, CEO Terry Duffy said on an earnings call. CME is evaluating different forms of margin, including tokenized cash and a CME-issued token that could operate on a decentralized network for industry participants. 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 issued by a “systemically important financial institution” might reassure market participants more than tokens from smaller banks.
Duffy’s mention of tokenized cash echoes a March collaboration with Google Cloud, in which CME and Google Cloud began piloting blockchain-based infrastructure for wholesale payments and asset tokenization using Google Cloud’s Universal Ledger. The potential CME-issued token would be a separate project; CME has not detailed how it would function.
CME Group operates futures and options markets across rates, equities, commodities and cryptocurrencies. In January, the exchange said it plans to list futures tied to Cardano (ADA), Chainlink (LINK) and Stellar (XLM), and it agreed with Nasdaq to consolidate crypto index offerings under the Nasdaq‑CME Crypto Index. CME also plans to introduce 24/7 trading for cryptocurrency futures and options beginning in early 2026, pending regulatory approval.
Banks and asset managers are also advancing token and stablecoin efforts. Bank of America said in July it is exploring stablecoins to modernize payments and move dollar- and euro-denominated funds through its systems. JPMorgan launched JPM Coin in November, a token representing dollar deposits held at the bank and available to institutional clients for on‑chain payments and settlement on Base, a blockchain developed by Coinbase. Fidelity plans to issue a US dollar–backed stablecoin called the Fidelity Digital Dollar (FIDD) after receiving conditional approval to operate a national trust bank.
At the same time, many US banks are pushing back against yield-bearing stablecoins, contributing to a policy clash with the crypto industry under the CLARITY Act being debated in Congress. Since the GENIUS Act passed in July 2025, the stablecoin market has expanded to roughly $305.8 billion from about $260 billion at the time of passage, according to DefiLlama data.
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