Google Cloud layer 1 blockchain has reached private testnet phase, exec confirms
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Google Cloud has confirmed that its L1 blockchain project, called Google Cloud Universal Ledger (GCUL), is currently in the private testnet phase. Rich Widmann, who leads Web3 strategy at Google, said GCUL is the result of years of research and development in distributed ledger technology. Wildmann confirmed that GCUL incorporates Python-based smart contracts. He added that the L1 blockchain technology is being built as a neutral solution that will serve multiple financial institutions. He compared it to other companies such as Stripe and Circle, saying GCUL is different in terms of its features. Stablecoin adoption surge fuels Google’s GCUL L1 blockchain development Rich Wildmann, head of Web3 strategy at Google, revealed that any financial institution will be able to build with GCUL, unlike Circle and Stripe. He cited a situation where Tether cannot use Circle’s blockchain, and Adyen probably won’t use Stripe’s blockchain. The GCUL project came to light in March when Google partnered with CME Group. The two firms confirmed a pilot program to research tokenization and wholesale payment solutions on the ledger. CME Group said it has completed the first phase of integration and testing. The trade exchange firm revealed that the program will create low-cost, 24/7 settlement for collateral, margin, and fees. The group confirmed that testing with market participants will be conducted later this year, and new services are scheduled for release in 2026. A study conducted by Google earlier this year showed that stablecoin transaction volumes tripled in 2024, reaching $5 trillion in organic transactions and $30 trillion in total. The study revealed that PayPal recorded $1.6 trillion in annual transactions while Visa recorded about $13 trillion. It also highlighted that dollar-pegged stablecoins represent more than 1% of the total dollar supply, showing a rise in institutional and retail demand for fast payment solutions. The…
Filed under: News - @ August 27, 2025 11:26 am