- CME Group is working with Google Cloud to test tokenized assets using the new Universal Ledger starting in 2026.
- Tokenization is gaining traction as major firms and regulators push to modernize traditional finance systems.
- The real-world asset tokenization market is nearing $20 billion, with growing support from institutions like BlackRock.
CME Group, one of the biggest names in U.S. derivatives trading, is getting serious about tokenization—and it’s bringing Google Cloud along for the ride.
In a fresh announcement on March 25, CME said it’s started piloting tokenized asset solutions using Google Cloud’s Universal Ledger (GCUL), a new distributed ledger system that’s been designed specifically with traditional finance in mind. The idea? Make capital markets faster, more efficient, and, eventually, always-on.
CME Group Chairman and CEO Terry Duffy sounded pretty optimistic, saying GCUL could bring “significant efficiencies” when it comes to collateral, margin, settlements, and fee payments—especially as the financial world slowly shifts toward 24/7 trading models.
The announcement, though, stayed a bit vague. No mention yet on what kind of assets might get tokenized first. All we know is that testing with market participants is set to begin in 2026.
Google’s Blockchain Bet Keeps Growing
This isn’t Google’s first dance with blockchain tech. Far from it. The company started experimenting with crypto data back in 2018, when it began feeding Bitcoin blockchain info into its data warehouses.
By 2023, Google Cloud had added support for 11 different blockchains, including Ethereum, Avalanche, Arbitrum, and Optimism—a clear sign it’s been laying the groundwork for something bigger. This partnership with CME might just be the next step in that plan.
Tokenization Going… Mainstream?
Tokenization—basically the process of turning real-world or financial assets into digital tokens on a blockchain—is getting a ton of attention right now. It’s not just a fringe idea anymore. Big players are jumping in fast.
A March 24 report from the World Economic Forum straight-up said that the fusion of traditional finance and blockchain is no longer just talk—it’s finally becoming reality.
One big stat stands out: Of the $230 trillion in global securities, only about $25 trillion is currently eligible for use as collateral. Tokenization could seriously boost liquidity by unlocking more of that capital. That’s the bet, at least.
Yuval Rooz, co-founder of New York-based Digital Asset, argued that tokenized systems could make markets smoother and way more flexible. It’s about capital efficiency, and institutions are starting to pay attention.
Political Winds Could Speed Things Up
The regulatory side of all this? It’s shifting too. Under President Donald Trump’s new administration, there’s talk of making the U.S. the global hub for blockchain and crypto.
Tokenized securities platform Tokeny pointed out that the SEC’s rumored repeal of SAB 121 would open the doors even wider—letting institutions custody tokenized securities without jumping through risky financial hoops.
And it’s not just talk. Even Larry Fink, CEO of BlackRock, has thrown his weight behind the tokenization movement. In a January interview with CNBC, he called on the SEC to move fast and greenlight tokenized stocks and bonds. That’s a pretty bold ask, but it shows where the mindset is going.
Tokenization Market Nears $20B—Without Even Counting Stablecoins
Even without stablecoins in the mix, the real-world asset (RWA) tokenization market is already approaching $20 billion, according to RWA.xyz. That’s not small change, and it’s growing fast.
From CME and Google, to BlackRock and Franklin Templeton, it feels like everyone’s suddenly got a stake in making traditional finance a lot more digital.
So yeah—tokenization might still sound like a buzzword to some, but based on the moves happening now, it’s looking more and more like the foundation of finance 2.0.
