CME Group CEO: Exploring Launch of Proprietary Crypto Token "CME Coin"

Odaily News: Terry Duffy, CEO of Wall Street derivatives giant CME Group, stated that the company is exploring the possibility of launching its own cryptocurrency token.

In response to an analyst's question during the latest earnings call, Terry Duffy mentioned that CME is evaluating various forms of margin and collateral solutions, including tokenized cash, as well as "a proprietary token that could be launched on a decentralized network for use by industry participants." He noted that compared to tokens issued by small and medium-sized financial institutions, tokens from systemically important financial institutions would provide greater reassurance when used as margin or settlement tools.

It is reported that CME is currently collaborating with Google to advance a tokenized cash solution, scheduled for launch later this year, with transactions to be completed through depository banks. The mentioned "proprietary token" is considered a separate exploration, and it remains unclear whether it will be a stablecoin or a settlement token. CME has not provided further details.

If this plan materializes, it would mark CME's first explicit proposal to issue its own assets on a decentralized network. Previously, among traditional financial institutions, JPMorgan has launched a tokenized deposit solution through JPM Coin. CME also indicated that its crypto derivatives business continues to expand, with plans to achieve 7×24 trading for crypto futures in the second quarter of this year. (Coindesk)