Google Cloud has introduced the Universal Ledger (GCUL), a distributed ledger-based platform for financial institutions and capital market participants.
GCUL operates as a service, simplifying account management in commercial banks and transfers between them. Access to the system is provided through a single API.
The platform enables nearly instantaneous cross-border payments with low fees, available around the clock. The system is designed to meet KYC and other regulatory requirements. According to the statement, unlike public blockchains, transaction fees in GCUL are stable and transparent.
The solution is aimed at banks and financial intermediaries. Google Cloud provides the infrastructure, while clients retain full control over their products. The company positions GCUL as a complement to existing business models, rather than a competitor.
The platform also targets capital markets. It simplifies the issuance, management, and settlement of digital assets, including atomic swaps.
Google Cloud describes its approach as “evolution, not revolution.” GCUL leverages the advantages of distributed ledger technology but relies on existing commercial bank money and financial regulation.
“All this talk of layer 1 blockchains has drawn attention to Google’s own L1. If you’re building [a network], it must stand out,” said Rich Widmann, head of Web3 strategy at Google Cloud.
According to him, GCUL combines years of the corporation’s research and development. The platform provides financial institutions with a high-performance, “provably neutral” blockchain supporting smart contracts in Python.
Widmann noted that Tether is unlikely to use Circle’s blockchain, nor Adyen Stripe’s, yet any financial institution can create products based on GCUL.
He added that one of the world’s largest commodity exchanges, CME Group, is already using the Universal Ledger to explore tokenization and payment opportunities.
According to Dragonfly investor Omar, the blockchain is in a closed testing phase.
Google dropping some details on its L1 blockchain (GCUL) over on LI
Chain will feature python based smart contracts. Aims to be neutral infra built for finance w/ “native commercial bank money on-chain”, 24/7 cap markets infra, payments and agentic capabilities. Looks like they… pic.twitter.com/cB1vlq3Oyv
— Omar (@TheOneandOmsy) August 26, 2025
From October 29, Google Play will update its policy for applications with cryptocurrency wallets.