CME Group explores crypto token for 24/7 trading

CME Group is reviewing new digital infrastructure options as it prepares to expand its crypto trading operations.

As part of a larger initiative to modernize margin and settlement for crypto derivatives, CME Group is exploring launching its own digital token. 

Chief executive officer Terry Duffy disclosed the plans during the company’s fourth-quarter earnings call on Feb. 4, in response to a question from Morgan Stanley analyst Michael Cyprys.

Tokenized collateral and margin strategy

Duffy’s comments came during a discussion about how CME is evaluating new forms of collateral for derivatives trading, particularly given that crypto markets operate around the clock.

“So if you were to give me a token from a systemically important financial institution, I would probably be more comfortable than maybe a third or fourth-tier bank trying to issue a token for margin,” Duffy said. “Not only are we looking at tokenized cash, we’re looking at different initiatives with our own coin.”

He added that CME is reviewing multiple approaches to margin and settlement, including tokenized cash and blockchain-based instruments that could be deployed on decentralized networks.

The proposed token, referred to in industry reports as a “CME Coin,” would likely be designed for use as collateral and settlement infrastructure rather than as a retail-facing cryptocurrency. Executives have framed the project as part of CME’s effort to improve capital efficiency and reduce friction in high-volume derivatives trading.

CME is also working with Google Cloud on a separate “tokenized cash” initiative, which the company expects to roll out later in 2026. That system could provide technical foundations for future digital collateral products.

No launch date, technical specifications, or regulatory filings have been announced, and executives stressed that the project is still in an exploratory phase.

24/7 crypto trading and institutional positioning

The token discussion comes as CME prepares to expand crypto trading hours across its futures and options products. Subject to regulatory approval, the exchange previously stated that it intends to begin full 24/7 trading for cryptocurrency derivatives in the second quarter of 2026.

CME’s goal is to enhance hedging on weekends and holidays and match its trading hours with non-stop cryptocurrency spot markets. The exchange’s market share in digital assets has steadily increased over the last year.

In late 2025, it introduced futures linked to assets like Solana and XRP, and market makers and hedge funds expressed strong interest. It will launch Cardano, Chainlink, and Stellar futures in both standard and micro contract sizes on Feb. 9.

As institutional demand for regulated products grew, the company also reported a sharp rise in crypto-related activity, with an average daily volume of $12 billion in 2025.