Could CME group tokenization handle $13 billion and 92% growth

• CME group is assessing a possible proprietary coin on a decentralized network alongside a tokenized cash project with Google
• The company is considering 24/7 trading for its crypto derivatives after record 2025 volumes above $13 billion in daily notional value

CME Group signaled a deeper push into digital assets during its fourth-quarter earnings call, outlining plans that include a potential proprietary coin and a move to continuous trading for its crypto derivatives. The derivatives giant, which operates the world’s largest exchange by trading volume, described a series of tokenization and trading initiatives aimed at expanding its role in the evolving cryptocurrency market while emphasizing risk controls.

CME group explores tokenized cash and a potential proprietary coin

Responding to a question from Morgan Stanley analyst Michael Cyprys, CME Group Chairman and CEO Terrence Duffy described how the company is evaluating new forms of collateral and payment mechanisms built on blockchain technology. Cyprys had asked about the considerations involved in letting market participants post stablecoins, tokenized deposit tokens, or tokenized funds as collateral. Duffy replied that the firm is working on a tokenized cash project in partnership with Google, which is expected to be introduced later this year. That collaboration, first announced in March 2025, is intended to support secure wholesale payments and tokenization of assets, reflecting CME Group’s focus on infrastructure rather than retail-facing products.

Duffy added that, alongside tokenized cash, the company is exploring the concept of launching its own coin. The idea under review is to place such a coin on a decentralized network and make it available to other participants across the industry. According to Duffy, the aim is to create operational efficiencies for clients, including in collateral management and settlement processes, while maintaining the firm’s emphasis on avoiding added systemic risk. He indicated that multiple approaches are being studied in parallel, suggesting that tokenized cash and a proprietary coin could serve different functions but share a common objective of streamlining transactions across CME Group’s markets.

The CEO’s remarks highlight a strategic divergence from some other large financial institutions experimenting with blockchain. Whereas many banks are concentrating on private, permissioned networks, CME Group is openly weighing the use of public, decentralized infrastructure for its prospective coin. This direction points to a model where an exchange-operated token could function in broader market settings, not just within a closed institutional environment, provided regulatory and risk requirements can be met.

Differentiation from Wall Street peers on tokenization strategy

Duffy’s comments underscore how cme group’s approach to tokenization contrasts with paths taken by large global banks. Citigroup has been vocal in promoting tokenization as a transformative trend, describing it as potentially the next significant shift in financial markets. Yet Citigroup, similar to JPMorgan, has developed a token system that operates on a private network, targeting faster settlement and improved efficiency for institutional clients within a controlled environment. These frameworks typically prioritize restricted access and tight governance, consistent with traditional wholesale banking models.

By comparison, the possibility that CME Group could issue a coin on a decentralized, public network represents a departure from that model. Such an initiative would align more closely with open blockchain ecosystems, where tokens can circulate beyond a single firm’s proprietary infrastructure. The company has not detailed specific protocols or launch timelines, but the suggestion of a public-network deployment indicates that the exchange operator is evaluating interoperability and broader market usage as part of its design considerations.

The tokenized cash effort with Google sits alongside this potential coin as part of a wider tokenization roadmap. The deal with the technology company aims to enable secure wholesale payments and asset tokenization, reflecting growing collaboration between financial market operators and large cloud and technology providers. For CME Group, these projects collectively illustrate an attempt to integrate blockchain-based tools into its existing clearing and trading framework, while differentiating itself from peers who favor more closed architectures.

24/7 crypto trading plans advance amid record volumes

Alongside its tokenization initiatives, CME Group is also moving toward round-the-clock trading for its crypto derivatives. During the earnings call, the company reiterated that it is actively considering shifting all of its crypto products to a 24/7 schedule. This concept is not new: in October 2025, CME said that trading in its cryptocurrency futures and options was expected to run continuously starting in early 2026, subject to regulatory approval. That earlier statement framed around-the-clock access as a way to better align institutional markets with the always-on nature of underlying digital asset spot markets.

The October 2025 announcement came as CME was preparing to list XRP and Solana futures, expanding its crypto derivatives lineup beyond earlier offerings such as bitcoin and ether contracts. Since then, the company has broadened the product set further by adding futures linked to Chainlink, Cardano, and Stellar. The growing list reflects both client demand for exposure to a wider range of digital assets and CME Group’s effort to maintain a leading position in regulated crypto derivatives.

These developments have occurred against a backdrop of rapid growth in trading activity. CME reported that its cryptocurrency volumes reached all-time highs in 2025. In the fourth quarter of that year, average daily volume in crypto contracts climbed 92% compared with the same period a year earlier. On a notional basis, that represented more than $13 billion in value changing hands each day. The surge in activity provides a commercial rationale for extending trading hours, as clients seek to hedge or gain exposure when major price moves occur outside traditional market windows.

While the company has not provided a definitive timetable for implementing continuous trading across its crypto suite, the repeated emphasis on 24/7 access suggests that internal preparations and regulatory discussions are ongoing. The move would mark a significant shift from the more limited trading schedules that historically governed exchange-traded derivatives, potentially setting a precedent for other asset classes if operational and oversight structures prove effective.

Conclusion

CME Group’s latest earnings call outlined an ambitious digital asset agenda, combining tokenization projects, a potential proprietary coin, and the prospective shift of crypto derivatives to 24/7 trading. The partnership with Google on tokenized cash, the exploration of a coin that could run on a decentralized public network, and the expansion of crypto futures and options all signal that the firm is positioning itself at the intersection of traditional derivatives markets and blockchain-based infrastructure. With cryptocurrency trading volumes at record levels and client demand broadening across more asset types, the company is using its scale to test new models for collateral, settlement, and trading access while maintaining a stated focus on risk controls and regulatory review.

Disclaimer

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.

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