Bank of Montreal is moving deeper into tokenized money infrastructure with plans to introduce 24/7 tokenized cash capabilities for institutional clients through CME Group’s permissioned network on Google Cloud Universal Ledger.
BMO will provide the bank-anchored tokenized instrument, CME Group will provide the institutional network and clearing-linked use case, and Google Cloud will provide the ledger infrastructure through GCUL, a private, permissioned distributed ledger built for financial institutions.
The immediate target is mutual clients of BMO and CME Group that need to move US dollar value continuously instead of waiting for traditional banking windows.
BMO also drew a distinction between two products that sit on the same broader tokenization stack. The first is tokenized cash, described as an institutional settlement instrument for regulated financial services firms operating in capital markets and commercial banking. The bank said it plans to offer that service in the second half of 2026, pending regulatory approval. The second is tokenized deposits, which would represent traditional commercial bank funds in digital form and broaden the model beyond clearing use cases into B2B payments, treasury movements, and programmable cash applications.
The announcement explicitly builds on CME Group and Google Cloud’s March 2025 plan to pilot wholesale payments and asset tokenization solutions using GCUL, adding a named bank partner to the initiative.
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