Google Cloud's Universal Ledger Challenges Stripe, Circle in Blockchain's New Frontier

Google Cloud has unveiled the Google Cloud Universal Ledger (GCUL), a Python-based layer-1 blockchain designed for financial institutions and payments innovation. Developed as part of the company’s broader Web3 strategy, the Universal Ledger is intended to provide a neutral and open infrastructure layer for global financial transactions. According to Rich Widmann, Google Cloud’s Global Head of Web3 Strategy, the blockchain is the result of years of research and development and is being positioned as a “planet-scale” infrastructure with billions of users and bank-grade functionality [1].

The blockchain is currently being tested in a pilot with the Chicago Mercantile Exchange (CME) Group, which aims to explore tokenized asset settlement and wholesale payment systems. The collaboration, announced in March 2025, includes plans for full market participant trials to begin in 2026. CME CEO Terry Duffy highlighted the potential of the Universal Ledger to streamline processes such as collateral and margin management, as well as 24/7 trading settlements [1].

A key differentiator for GCUL is its design to support commercial bank money on-chain, rather than using digital twins. This approach introduces functional and business benefits, though it may increase the complexity of integration for financial institutions. The use of Python-based smart contracts also aims to lower the entry barrier for developers familiar with the language, enhancing the platform’s accessibility and broadening its appeal [2].

Google Cloud has positioned itself as a significant player in the emerging landscape of institutional blockchain technology. The company has been expanding into blockchain since 2018, with a dedicated Web3 division launched in 2022. Partnerships with major crypto firms such as Coinbase, Polygon, and Solana underscore Google’s strategic focus on blockchain innovation. GCUL is the latest addition to this portfolio and aims to offer a neutral alternative to proprietary systems from other firms like Stripe and Circle [1].

The broader market context shows growing adoption of stablecoins and blockchain-based financial tools. As of mid-2025, the total stablecoin market capitalization reached $251.7 billion, with Tether (USDT) and USD Coin (USDC) leading the market [4]. Stablecoins are increasingly being used for cross-border remittances, DeFi applications, and real-world asset tokenization. Google Cloud’s Universal Ledger is expected to integrate with these developments, potentially offering a robust and scalable infrastructure for institutional and retail users alike.

Google Cloud plans to release more technical details about GCUL in the coming months, according to Widmann. The company is competing in a market where other major players, such as Stripe and Circle, are also developing their own layer-1 blockchains. Circle recently launched Arc, a blockchain focused on stablecoin finance, while Stripe is working on a project codenamed Tempo in collaboration with Paradigm. The success of GCUL will depend on its ability to attract a wide range of financial institutions and demonstrate clear advantages in terms of neutrality, scalability, and ease of integration [1].

Source: [1] Google outlines plans for 'Universal Ledger' amid race (https://cointelegraph.com/news/google-plans-universal-ledger-blockchain-institutional-layer) [2] Google drops a few hints re its Universal Ledger Layer 1 (https://www.ledgerinsights.com/google-drops-a-few-hints-re-its-universal-ledger-layer-1-blockchain/) [3] Google Cloud is developing a Python-based layer 1 (https://cryptobriefing.com/institutional-blockchain-platform-gcul-launch/) [4] Do stablecoins increase the net demand for US Treasury (https://www.omfif.org/2025/08/do-stablecoins-increase-the-net-demand-for-us-treasury-securities/) [5] Stablecoin Statistics 2025: Growth, Adoption, and Regulation (https://coinlaw.io/stablecoin-statistics/)