CME Group plans tokenized `CME Coin` launch with Google Cloud
CME Group, the largest U.S. exchange holding company, is developing its own tokenized cash product called “CME Coin,” with a launch expected in 2026 in partnership with Google Cloud.
During the company’s earnings call, CME Group Chairman and CEO Terry Duffy confirmed that a proprietary tokenized monetary product is currently in development and is planned for release in 2026.
The announcement followed a question from a Morgan Stanley analyst regarding tokenized collateral. Duffy described the initiative as “quite a complex task,” but emphasized that CME is moving forward with the development of its own coin regardless.
The CME Group CEO did not specify the exact nature of the coin. It could be a native token issued by CME, or a settlement and margining instrument similar to JPMorgan’s JPMD deposit token. However, the product is being developed jointly with Google Cloud and is intended to launch on a decentralized network that could also be used by other financial institutions.
Record-breaking performance
Duffy’s remarks came against the backdrop of strong financial results for CME Group in the fourth quarter and across the full year.
In the fourth quarter of 2025, CME reported revenue of $1.6 billion and operating income of $1.0 billion. Net income totaled $1.2 billion, with diluted earnings per share of $3.24. On an adjusted basis, net income reached $1.0 billion and adjusted EPS was $2.77.
For the full year 2025, revenue rose to $6.5 billion, while operating income reached $4.2 billion. Net income totaled $4.1 billion, with adjusted earnings per share of $11.20.
“Last year, CME Group delivered the best performance in its history and posted record revenue, adjusted operating income, adjusted net income, and adjusted earnings per share for the fourth consecutive year,” Duffy said.
The platform also reached an all-time high in average daily trading volume, with 28.1 million contracts traded in 2025. This included a 12% increase in commodities trading and a 5% rise in financial products. In the fourth quarter alone, average daily volume reached a record 27.4 million contracts.
Outside the United States, average daily volume reached 8.3 million contracts, up 9% year over year. Trading volumes increased 18% in Asia and 6% in the EMEA region.
Clearing and transaction fee revenue totaled $1.3 billion in the fourth quarter, with each contract generating approximately $0.707. Market data revenue reached $208 million.
By the end of 2025, CME held $4.6 billion in cash, including $200 million deposited with the Fixed Income Clearing Corporation, and carried total debt of $3.4 billion.
The company also paid $3.9 billion in dividends during the year. Since adopting its variable dividend policy in 2012, CME Group has returned nearly $30 billion to shareholders.
As we wrote, Nasdaq and CME merge crypto indices into Nasdaq-CME
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