CME Group develops Google-backed tokenized cash coin for crypto derivatives collateral in 2026 rollout

CME Group Chairman and CEO Terrence Duffy said on an earnings call that the exchange is building a tokenized cash coin, reportedly with Google Cloud, that could be used as collateral for derivatives trading and is slated to launch in 2026. The initiative follows a CFTC pilot that permits selected cryptocurrencies, including USDC, bitcoin, and ether, to be posted as collateral and may expand CME's use of onchain margin products.