Google Cloud Steps Into Payments With Universal Ledger Blockchain
Google Cloud is entering the financial technology race with the launch of its own blockchain platform, the Google Cloud Universal Ledger (GCUL).
The system is being developed as a backbone for global payments, aiming to cut costs, speed up settlements, and reduce errors in cross-border transactions — a market worth trillions each year.
Designed For Banks And Institutions
Rich Widmann, head of Web3 strategy at Google Cloud, described GCUL as a “performant, credibly neutral” blockchain created specifically for financial institutions.
It operates as a Layer 1 network and supports Python-based smart contracts, making it accessible for banks and fintech developers who already rely on the language for data science and automation.
Unlike public crypto blockchains, GCUL is permissioned and compliance-focused, with all users required to undergo KYC verification.
Google is positioning it as a simple service accessed through a single API that can handle multiple currencies, removing the need for firms to build complex infrastructure.
Neutral Ground In A Crowded Race
The platform enters a field where major players are already moving fast.
Ripple is pushing its XRP token for international remittances, Circle has just introduced its own blockchain Arc, and Stripe is testing Tempo for developer payments.
Widmann argued that Google has an advantage by offering a neutral infrastructure layer:
“Tether won’t use Circle’s blockchain – and Adyen probably won’t use Stripe’s blockchain. But any financial institution can build with GCUL.”
Numbers Driving The Competition
The scale of the opportunity is significant.
Stablecoin transactions surged to $30 trillion in 2024, outpacing both PayPal’s $1.6 trillion and Visa’s $13 trillion.
Google hopes to capture a slice of this growth by offering lower fees, compliance tools, and 24/7 settlement.
Testing With CME Group Already Underway
Google first revealed the project in March during a partnership announcement with CME Group, which is trialling the platform for wholesale payments and asset tokenisation.
The initial phase of testing has been completed, with wider pilots expected later this year.
A commercial rollout is targeted for 2026 if trials prove successful.
More Than Just Payments
Beyond transactions, GCUL is designed to link directly with Google’s wider data and AI tools.
Financial firms using the ledger could analyse flows in real time through BigQuery, run fraud checks with AI, and automate compliance monitoring.
By choosing Python for smart contracts, Google has lowered the barrier for existing financial developers to build applications without learning new programming languages.
An Evolution Rather Than A Replacement
GCUL is not pitched as a rival currency to traditional money but as an upgrade to existing financial infrastructure.
By combining regulatory safeguards with distributed ledger technology, Google aims to modernise how banks and payment companies operate, while keeping commercial bank money at the core of the system.
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