Google Cloud Challenges Stripe, Circle with Neutral Blockchain Vision

Google Cloud is advancing its presence in the blockchain space with the development of the Google Cloud Universal Ledger (GCUL), a Layer 1 blockchain platform designed for financial institutions. The system, currently in a private testnet phase, aims to provide a neutral and flexible infrastructure for payments, tokenization, and asset settlements. GCUL supports Python-based smart contracts, distinguishing itself from traditional blockchain platforms that predominantly use Solidity or other niche languages [1].

According to Rich Widmann, Global Head of Strategy for Web3 at Google Cloud, GCUL represents years of research and development by the company. It is being positioned as a neutral alternative to blockchain platforms developed by corporate competitors such as Stripe and Circle. Widmann emphasized that GCUL is intended for broad adoption by any financial institution, contrasting with proprietary systems where Tether is unlikely to use Circle’s blockchain or Adyen would avoid Stripe’s. The platform is described as a “planet-scale” infrastructure, leveraging Google’s global reach and billions of users [1].

The Universal Ledger is being tested in collaboration with the CME Group, a major derivatives exchange. In March, the two companies announced a pilot program to explore tokenized asset settlement and wholesale payment systems. While specific asset types were not disclosed, the initiative has completed initial integration testing, with plans for direct testing with market participants in the coming months and full service launch expected in 2026 [2].

GCUL is being designed with scalability, compliance, and security as core principles. The platform operates as a private, permissioned system and is built for regulatory compliance, with features such as KYC-verified accounts and compliant transaction fee structures. It aims to simplify account and asset management while enabling seamless transfers between digital wallets. These attributes align with Google’s broader strategy to modernize financial infrastructure by addressing the inefficiencies of traditional payment systems, including high fees, slow processing times, and complex reconciliation processes [3].

The development of GCUL positions Google as a challenger to existing players in the tokenized asset and cross-border payments market, such as Ripple and Stripe. The platform’s neutrality is seen as a strategic advantage, as it allows a broad range of financial institutions to build and operate on its infrastructure without the constraints associated with proprietary corporate chains. Google has also highlighted its ability to scale the platform through its existing distribution network and institutional partnerships, which include firms like Coinbase, Polygon, and Solana [4].

Despite the company’s optimism, questions remain about the feasibility of achieving full neutrality from a platform controlled by a single technology giant. Critics have pointed out that decentralization and trust remain open challenges for Google’s blockchain initiative. Nonetheless, the company remains confident in GCUL’s potential to transform financial services, particularly in capital markets and cross-border payments, by enabling faster, cheaper, and more transparent transactions [5].

Source:

[1] Google outlines plans for 'Universal Ledger' amid race (https://cointelegraph.com/news/google-plans-universal-ledger-blockchain-institutional-layer)

[2] Google Cloud is developing a Python-based layer 1 (https://cryptobriefing.com/institutional-blockchain-platform-gcul-launch/)

[3] Google Reveals Details of Custom Blockchain (https://www.blockhead.co/2025/08/27/google-executive-positions-companys-blockchain-against-stripe-circle-rivals/)

[4] Google Cloud Unveils L1 Blockchain To Power Payments And (https://finance.yahoo.com/news/google-cloud-unveils-l1-blockchain-061224160.html)

[5] Google: Why We Are Creating Our Own Blockchain GCUL (https://news.futunn.com/en/post/61253372/google-why-we-are-creating-our-own-blockchain-gcul)