CME Group outlines tokenised cash and repo clearing initiatives
05 February 2026 US
Image: Theyone/stock.adobe.com
Senior executives at CME Group, including CEO Terry Duffy, outlined the company鈥檚 forthcoming tokenised cash and repo clearing initiatives during its Q4 2025 earnings call.
Duffy underscored CME Group鈥檚 stance on tokenised collateral to be dependent on counterparty risk, indicating the firm鈥檚 hesitance to accept a token issued by a 鈥渢hird or fourth-tier bank鈥� for margin, although a 鈥渟ystemically important financial institution鈥� would be more likely to have its issuance accepted.
He also highlighted CME Group鈥檚 collaborative initiative with Google on tokenised cash, with the transactions facilitated by another depository bank, taking place later in 2026.
Furthermore, the exchange is exploring the development of its own coin, with potential plans to put it on a decentralised network for other industry participants.
CME Group has also received approval from the US Securities and Exchange Commission (SEC) for its new clearing house, CME Securities Clearing, ahead of the SEC鈥檚 US Treasury clearing mandate, for its launch later in 2026.
Awaiting authorisation from the Commodity Futures Trading Commission (CFTC) 鈥� anticipated later in the year 鈥� the CME FICC cross-margining programme is operationally ready, and currently available to house accounts of common clearing members at both companies.
The combination of both clearing ventures is intended to 鈥渦nlock even more capital efficiencies for the industry鈥�.
Duffy underscored CME Group鈥檚 stance on tokenised collateral to be dependent on counterparty risk, indicating the firm鈥檚 hesitance to accept a token issued by a 鈥渢hird or fourth-tier bank鈥� for margin, although a 鈥渟ystemically important financial institution鈥� would be more likely to have its issuance accepted.
He also highlighted CME Group鈥檚 collaborative initiative with Google on tokenised cash, with the transactions facilitated by another depository bank, taking place later in 2026.
Furthermore, the exchange is exploring the development of its own coin, with potential plans to put it on a decentralised network for other industry participants.
CME Group has also received approval from the US Securities and Exchange Commission (SEC) for its new clearing house, CME Securities Clearing, ahead of the SEC鈥檚 US Treasury clearing mandate, for its launch later in 2026.
Awaiting authorisation from the Commodity Futures Trading Commission (CFTC) 鈥� anticipated later in the year 鈥� the CME FICC cross-margining programme is operationally ready, and currently available to house accounts of common clearing members at both companies.
The combination of both clearing ventures is intended to 鈥渦nlock even more capital efficiencies for the industry鈥�.
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