Google Cloud has introduced the Google Cloud Universal Ledger (GCUL), a permissioned layer-1 blockchain aimed at speeding up cross-border payments and asset settlement for financial institutions
Google Cloud has introduced the Google Cloud Universal Ledger (GCUL), a permissioned layer-1 blockchain aimed at speeding up cross-border payments and asset settlement for financial institutions. The network, confirmed by Google Cloud’s head of Web3 strategy Rich Widmann, supports Python-based smart contracts and is being marketed as a neutral infrastructure layer that banks and payment processors can access through a single API with predictable monthly fees.
GCUL is currently running in a private testnet and has already been integrated into a pilot with CME Group. The derivatives exchange is testing tokenized assets and wholesale payments on the ledger, a programme that completed its first phase of integration earlier this year. Wider market-participant trials are scheduled for late 2025, with commercial services expected to follow in 2026.
By launching GCUL, Alphabet moves beyond cloud hosting into protocol development, putting the company in direct competition with other corporate blockchains now under construction, including Stripe’s Tempo and Circle’s Arc. Widmann said neutrality is essential because institutions are unlikely to rely on blockchains controlled by direct competitors, positioning GCUL as an open, enterprise-grade alternative.
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Source: https://thedefiant.io/news/blockchains/google-cloud-unveils-universal-ledger-blockchain-institutional-payments-cme-e57c3635
