CME Group Partners With Google Cloud to Launch Tokenization Pilot for Capital Markets – CryptoMode
CME Group is forming a strategic partnership with Google Cloud to pilot asset tokenization using Google’s newly launched Universal Ledger (GCUL).
Announced on March 25, the collaboration marks the first real-world test of GCUL—a permissioned, programmable distributed ledger designed specifically for traditional finance institutions.
CME Partners With Google
CME Group has already completed the first phase of integration and testing, with full pilot programs involving market participants expected to begin in 2026.
CME Group Will Introduce Tokenization Technology to Enhance Capital Market Efficiency Using Google Cloud’s New Universal Ledger https://t.co/TuHxQKSjc5
— CME Group (@CMEGroup) March 25, 2025
The collaboration between CME and Google Cloud to develop a platform for tokenizing real-world assets is indicative of the increasing interest in tokenization. The platform is expected to simplify various processes, including collateral management, margin payments, and wholesale fee settlement. Terry Duffy, CME Group Chairman and CEO, stated:
This technology has the potential to deliver significant efficiencies, as the world moves toward 24/7 trading, we’re building the infrastructure to support that transition.
Google Explores Tokenization
GCUL is Google Cloud’s first dedicated infrastructure product built to support tokenized asset management. It’s a private, permissioned ledger that integrates easily with traditional financial systems, offering scalability, security, and simplified account operations. Google says it’s designed to lower barriers for institutions looking to launch digital asset products or migrate existing ones onto a blockchain layer.
The tokenization industry has been gaining rapid traction, with reports from BCG and Bernstein forecasting trillions of dollars in tokenized assets by 2030. Recent data from RWA.xyz shows the market is already nearing $20 billion, excluding stablecoins, with 20% growth in the past month alone.
This partnership builds on Google Cloud’s deeper push into Web3 infrastructure. Since 2018, the tech giant has been integrating blockchain data into its analytics services and recently launched a Blockchain RPC service to support DApp development across Ethereum and other leading chains.
