CME Group, the world’s leading derivatives exchange, is diving into digital assets through a groundbreaking collaboration with Google Cloud. The firm is testing tokenized asset solutions using Google Cloud’s Universal Ledger (GCUL)—a blockchain-inspired infrastructure designed specifically for traditional finance.

The announcement, made March 25, signals a major leap toward integrating distributed ledger technology into capital markets. While CME hasn’t disclosed which assets will be tokenized, testing with institutional players is set to begin in 2026. The move could significantly improve how collateral, settlement, and margin payments are handled, especially as global markets inch closer to round-the-clock trading.

Terry Duffy, CME Group’s Chairman and CEO, said the new tech could “deliver significant efficiencies” across financial operations. Google Cloud, meanwhile, has steadily built its blockchain footprint, starting with Bitcoin data in 2018 and later adding support for major chains like Ethereum, Avalanche, and Optimism in 2023.

The excitement around tokenization is swelling. A recent World Economic Forum report declared that traditional finance’s integration with blockchain is “becoming a reality.” With only $25 trillion in securities currently usable as collateral—out of a massive $230 trillion potential—tokenization could unlock liquidity and efficiency at scale.

The regulatory environment may also be turning favorable. Tokeny, a tokenized securities platform, highlighted how the SEC’s rollback of Staff Accounting Bulletin 121 (SAB 121) will let institutions offer custody for tokenized assets with fewer restrictions. BlackRock CEO Larry Fink echoed that sentiment, urging the SEC to fast-track tokenization approval during a CNBC interview.

With Trump’s vocal support for blockchain innovation in the U.S., CME and Google’s pilot could be the start of a financial revolution that reshapes Wall Street as we know it.