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4h ago

Google Cloud Details Universal Ledger, a Permissioned Layer 1 for Institutional Finance

Broader trials are slated for this year following CME’s initial integration.

Google unveils GCUL L1 blockchain: 'Will stab at Ethereum's market share'
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Google Cloud
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Overview

  • Google confirmed its Google Cloud Universal Ledger as a Layer 1 designed for financial institutions with Python-based smart contracts on a private, permissioned testnet.
  • CME Group said it has completed the first phase of integration and testing, targeting low‑cost, 24/7 settlement for collateral, margin, and fees.
  • Google pitches the network as credibly neutral infrastructure accessible to any institution, delivered via a single API with predictable monthly billing and KYC‑gated accounts.
  • Positioned against Stripe’s Tempo and Circle’s Arc, GCUL departs from EVM compatibility, emphasizes native commercial bank money on‑chain, and focuses on tokenization and wholesale payments.
  • Reaction from crypto users and some industry figures criticized the permissioned design, while Google and CME plan broader participant testing later in 2025 and aim for commercial services in 2026.