As more financial services-oriented blockchains emerge, Google plans to launch a neutral, global blockchain for the industry.
In a LinkedIn post, Rich Widmann, Head of Web3 Strategy at Google Cloud, provided details on the new offering, dubbed the Google Cloud Universal Ledger (GCUL), noting that the layer-1 blockchain has been years in the making. He said its credibly neutral infrastructure would support Python-based smart contracts.
Although Widmann mentioned that further technical details about GCUL would be shared in the future, he underscored neutrality and scalability as key differentiators for the platform. Unlike other blockchains, which have been built around a specific cryptocurrency or company, GCUL is designed as an agnostic blockchain capable of connecting the billions of users in Google’s ecosystem.
The Blockchain Race
Google’s announcement follows news that some of the world’s largest payments companies are developing proprietary blockchains. Circle—best known for issuing the stablecoin USDC—recently unveiled Arc, its financial services blockchain.
Naturally, USDC will play a primary role in Arc, and Circle noted that the blockchain is optimized for stablecoin payments. However, Arc was designed to support all forms of digital currencies and tokenized assets.
Payments firm Stripe has also been developing a blockchain called Tempo, which would leverage its extensive global network of businesses. While Stripe has largely kept its blockchain plans under wraps, it has been transparent about its digital asset ambitions through recent high-profile acquisitions of stablecoin company Bridge and crypto wallet provider Privy.
Standing Out
Although the launches of Stripe and Circle are significant, these are far from the first financial services blockchains on the market.
In addition to Coinbase’s Base and Robinhood’s Artritum, there are also well-established, dominant digital asset blockchains like Ethereum and Solana. In particular, the speed and efficiency of Solana has attracted many of the largest financial services companies, including PayPal, Visa, and Franklin Templeton, to the blockchain.
The emergence of these options is a testament to the powerful capabilities of blockchain, which offers security, transparency, and efficiency in financial operations. However, this rapid proliferation has also created a fragmented landscape.
Widmann referenced this fragmentation in his post, noting that Circle’s stablecoin rival Tether was unlikely to use Arc, just as Stripe’s competitors were unlikely to adopt Tempo. He further observed that Google’s position as a neutral infrastructure provider could help GCUL stand out.