Google Cloud unveils GCUL, a Layer-1 for financial markets
Google Cloud is developing Google Cloud Universal Ledger (GCUL), a layer-1 blockchain for banks and capital markets firms. The platform supports Python-based smart contracts and runs on a private testnet.
Rich Widmann, Google Cloud's head of Web3 strategy, described GCUL as a high-performance, "credibly neutral" layer-1 network. The platform targets tokenization and wholesale payments for financial institutions.
The blockchain uses Python for smart contract development, which Google says will lower barriers for developers at financial institutions who already work with the language. The company has not published complete technical specifications yet.
GCUL operates as a programmable, multicurrency platform designed for easy integration with traditional financial institutions. The network runs on a permissioned basis while maintaining neutrality among competing payment and stablecoin providers.
The blockchain uses Python for smart contract development, which Google says will lower barriers for developers at financial institutions who already work with the language. The company has not published complete technical specifications yet.
GCUL operates as a programmable, multicurrency platform designed for easy integration with traditional financial institutions. The network runs on a permissioned basis while maintaining neutrality among competing payment and stablecoin providers.
Widmann emphasized that GCUL’s neutral positioning differentiates it from networks built by payment and stablecoin companies. He noted that some financial institutions may be reluctant to adopt a rival company's chain. GCUL offers broad accessibility for institutions wanting to issue or settle assets without aligning to a single payment brand.
Google Cloud first unveiled GCUL in March through a pilot program with CME Group. The companies completed the first phase of integration and testing. Direct testing with market participants will begin later this year, with new services planned for 2026.
The pilot tested tokenization and wholesale payments on GCUL's network. CME Group Chairman and CEO Terry Duffy said the platform “has the potential to deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading.”
CME Group frames the collaboration as part of efforts to enable lower-cost, round-the-clock value transfer in regulated markets. The exchange operator sees potential for significant operational improvements through the platform.
Google has not yet published a full technical white paper or public testnet timeline beyond the 2026 service launch target. More technical details are expected in the coming months as the private testnet progresses.
Google Cloud first unveiled GCUL in March through a pilot program with CME Group. The companies completed the first phase of integration and testing. Direct testing with market participants will begin later this year, with new services planned for 2026.
The pilot tested tokenization and wholesale payments on GCUL's network. CME Group Chairman and CEO Terry Duffy said the platform “has the potential to deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading.”
CME Group frames the collaboration as part of efforts to enable lower-cost, round-the-clock value transfer in regulated markets. The exchange operator sees potential for significant operational improvements through the platform.
Google has not yet published a full technical white paper or public testnet timeline beyond the 2026 service launch target. More technical details are expected in the coming months as the private testnet progresses.
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