CME Group Teams Up with Google Cloud — Is This the Beginning of a 24/7 Wall Street Revolution?

Jakarta, Pintu News – US derivatives giant CME Group has officially announced a pilot test of its asset tokenization project with infrastructure support from Google Cloud.

What can we expect from this collaboration?

CME Group and Google Cloud Collaborate on Asset Tokenization

According to the announcement, this collaboration between CME Group and Google Cloud utilizes the Google Cloud Universal Ledger (GCUL) platform, a distributed blockchain technology designed specifically for traditional financial institutions.

The initiative aims to improve the efficiency of wholesale payments, transaction settlement, and margin management in the global capital markets ecosystem.

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Terry Duffy, CEO of CME Group, hailed the partnership as a response to the changing demands of the global market.

“Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral payments, margin, settlement and fees as the world moves towards 24/7 trading,” said Duffy.

For now, the trial has completed the initial integration phase, and live testing with market participants is scheduled for 2026.

Tokenization: Bridging the Worlds of Traditional Finance and Blockchain

Tokenization is the process of turning real-world assets-such as stocks, bonds, and property-into digital tokens that can be traded on blockchain networks.

According to the World Economic Forum, the integration between traditional financial systems and blockchain technology is no longer a dream, but a fast-growing reality.

In this context, Google Cloud through GCUL seeks to provide a private and permissioned blockchain solution, allowing instant settlement, centralized account management, as well as room for manual intervention if needed-something that is not possible on public blockchains such as Ethereum ETH->Current ETH PriceRp 0Market Cap-Trading Volume-Circulating Supply- or Solana SOL->Current SOL PriceRp 0Market Cap-Trading Volume-Circulating Supply-.

Reaping Criticism: Centralization in the Name of Blockchain?

While the project was enthusiastically welcomed by many industry players, the crypto community responded with skepticism. Observers say that GCUL, as a closed network, goes against the decentralization principle that is the soul of blockchain technology.

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One DeFi analyst even called the project a “crisis of centralization,” stating that “GCUL is not bullish at all because it only mimics a blockchain with no open value.”

Another analyst added that protocols like GCUL tend to close off access to public participation and centralize control in the hands of a handful of large institutions.

However, proponents of the initiative argue that traditional financial markets require speed, legal compliance, and flexibility that are difficult to achieve on public networks.

In a system like GCUL, roles such as settlement, clearing, and compliance can be divided into specialized nodes-structures that cannot be efficiently performed on a public blockchain.

Big Implications for the Financial and Crypto Industries

If successful, this tokenization trial will pave the way for deeper integration between Wall Street and blockchain technology.

With $25 trillion of assets now collateralized out of a potential total of $230 trillion, tokenization is seen as a tool to drastically improve liquidity and capital efficiency.

Big names like BlackRock CEO Larry Fink have also called on the SEC to approve the tokenization of stocks and bonds.

While Fidelity and other institutions are starting to develop stablecoins and tokenization funds, CME Group is positioning itself as a pioneer in providing blockchain-based financial market infrastructure.

Overall, the collaboration between CME Group and Google Cloud in piloting asset tokenization is not just a technical step, but part of a major transformation in global financial markets.

Although overshadowed by the debate between centralization and decentralization, this project shows that the future of finance is likely to be a blend of speed, efficiency, and security based on blockchain technology. The question now is not “whether tokenization will happen,” but “who will master it.”

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Reference:

• BeInCrypto. Tokenization: CME Group, Google Cloud, and the Future of Capital Markets. Accessed on March 27, 2025
• Cointelegraph. CME Group, Google Cloud to Launch Tokenization Technology for Capital Market Efficiency. Accessed on March 27, 2025
• CryptoSlate. CME Group Launches Tokenization Pilot Powered by Google Cloud’s Blockchain Infrastructure. Accessed on March 27, 2025

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