Written by: seed.eth
In the power game of Wall Street, the giants are never absent; they are just waiting for the right moment to harvest the entire field.
This morning, the CEO of the world's largest derivatives exchange, CME Group, Terry Duffy, made a statement during the fourth-quarter earnings call that stirred the entire market.
Duffy revealed that CME is actively exploring the issuance of its own digital token: “CME Coin.”
This time, it is not merely a technical trial; under the narrative of “tokenization,” CME's move resembles a deep “hunting” expedition by traditional finance (TradFi) against crypto-native facilities.
1. The Mystery of Positioning: Is it Chips or Ammunition?
Despite being named “Coin,” CME Coin is not the same as the cryptocurrencies familiar to the crypto community. From Duffy's brief response, we can extract the following information:
The token is intended to operate on a decentralized network.
CME distinguishes it from the “Tokenized Cash” project (in collaboration with Google Cloud) that is under development, stating that these are two different initiatives.
The CEO emphasized that as a “Systemically Important Financial Institution (SIFI),” the tokens issued by CME far exceed the security of similar products currently on the market. (Note: SIFI typically refers to large banks, while SIFMU refers to financial arteries like CME that provide clearing and settlement services. CME's SIFMU status grants it access to Federal Reserve accounts.)
We can see that the underlying logic of CME Coin leans more towards the digital upgrade of financial infrastructure, with its core functions likely being the following two:
Settlement Tool: Similar to an internal high-level “chip,” used for achieving 24/7 instant settlements between institutions.
Tokenized Collateral: Transforming margin into liquid tokens, allowing previously locked funds to “come alive” on-chain.
2. Why Now? CME's Triple Calculation
CME's entry at this time is not a spur-of-the-moment decision but is based on a triple calculation of its digital strategy for 2026:
Addressing “Weekend Liquidity Exhaustion”
CME plans to fully launch 24/7 trading of crypto futures by 2026. Traditional bank wire systems (FedWire) do not process transactions on weekends; if Bitcoin plummets on Saturday night, institutions cannot transfer funds to replenish margins, and the risk of liquidation will geometrically increase. CME Coin, a blockchain-based token operating around the clock, is a “quick remedy” for the margin system.
Reclaiming “Interest Profits” Taken Away
Currently, institutions participating in the crypto market typically need to hold USDT or USDC. This means hundreds of billions of dollars in cash are tied up with companies like Tether and Circle, generating hundreds of millions of dollars in interest that these companies enjoy exclusively. The emergence of CME Coin signifies CME's attempt to keep this substantial cash flow on its balance sheet.
Building a “Compliance Moat”
With BlackRock issuing the BUIDL fund and JPMorgan deepening its efforts with JPM Coin, the giants have reached a consensus: the future of financial competition is no longer about seat contention but about “collateral efficiency.”
CME's CEO stated plainly: compared to tokens issued by third- or fourth-tier banks or private companies, they trust those issued by “systemically important” financial giants like JPMorgan more. This statement sounds like a risk control requirement, but it is actually setting standards. By raising the requirements for the “background” of collateral, CME is effectively sidelining existing “private” stablecoins, building a higher-threshold, safer “membership” playground for the core traditional financial circle. How to play in the future will have to follow the rules they set.
Thus, CME Coin is more like a “stepping stone” for traditional financial giants attempting to regain their voice in the crypto world. This good show has just begun.
3. Erosion of Existing Stablecoins?
For a long time, Tether (USDT) and Circle (USDC) have dominated the stablecoin market due to their first-mover advantage and liquidity inertia. However, CME's entry is dismantling their moat from the following two dimensions:
It is an asset, but also a “liquid clearing right”
USDT or USDC primarily act as “fund movers,” while CME deals with derivatives positions covering trillions of dollars in interest rates, commodities, equities, and more.
Heart Position: Once CME Coin becomes an officially recognized margin asset, it will directly enter the “heart” of the global financial system—the foundational layer of price discovery and stability assurance.
Mandatory Holding: CME Coin captures the “clearing flow.” As long as banks conduct business with CME, to meet instant margin requirements, they must become “mandatory holders” of this token. With the surge in demand, this institutional necessity is something no native crypto coin can match. According to the financial report released in January, CME's average daily trading volume in cryptocurrencies reached $12 billion in 2025, with micro Bitcoin (MBT) and micro Ethereum (MET) futures contracts performing particularly well.
Collateral is Sovereignty: Reshaping the Market's “Digital Throat”
In modern finance, collateral is the true throat. It determines who can enter the market and how much leverage they can open.
Enhanced Intermediary: Contrary to the “decentralization” advocated by blockchain, CME is actually using a digital shell to reinforce its monopolistic power as a top-tier intermediary.
Closed Fortress: Unlike the no-threshold DeFi, CME Coin is highly likely to be a closed-loop game exclusive to institutions. It does not have open governance, only legally protected clearing rights.
Yield “Siphoning”: Tokens launched by Wall Street giants often come with “yield-generating” properties or fee deduction features. Faced with risk-free U.S. Treasury yields above 5%, institutions have no reason to hold traditional stablecoins that do not pay dividends for the long term.
Conclusion
Looking at the big picture, CME's strategy is not isolated. JPMorgan has recently launched a tokenized deposit service through its token called JPM Coin (JPMD) on Coinbase's Layer 2 blockchain Base. Unlike traditional transfers that take days to process, JPMD achieves second-level settlements, quietly changing the way large financial institutions allocate positions. The paths of these financial giants are remarkably similar: embracing the efficiency of blockchain while firmly maintaining the traditional power structure.
This is not the victory of decentralized finance that many crypto natives hope for, but rather a “digital upgrade” of the traditional financial order, where the giants are cleverly transforming their past “clearing monopoly” into a future “digital passport.”
Once this set of rules dominated by them is established, the battlefield will be redefined. At that time, not only the current private stablecoins but also many tokens issued by small and medium-sized banks may lose their eligibility to compete under this new “compliance” standard.
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