Google Cloud layer 1 blockchain has reached private testnet phase, exec confirms

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 study also noted that a shift in electronic transactions has improved liquidity and innovation, but cross-border payments remain costly and complex. It revealed that fragmented systems hinder trade and economic growth, with potential global losses of up to $2.8 trillion by 2030. It cited an example of reducing Walmart’s $10 billion annual processing fees, which could increase its earnings and stock value by up to 40% if the new systems are adopted.

Google says GCUL supports 24/7 capital markets infrastructure

Wildmann compared GCUL with upcoming projects from Stripe and Circle, which recently had their IPOs. Circle announced that its own L1 blockchain focuses on stablecoin payments, foreign exchange, and capital markets. It added that the public testnet launch is scheduled this fall.

Stripe confirmed its L1 blockchain is in development, named Tempo, which focuses on high-performance payment applications. It added that Tempo will be compatible with the Ethereum blockchain.

Google’s GCUL has been designed as a broad infrastructure to allow various financial services rather than a single corporate payment system. Wildmann’s post revealed that GCUL aims to provide native commercial bank money on-chain, support 24/7 capital markets infrastructure, and agentic payment capabilities.

According to him, Google plans to extend the platform across its broader ecosystem and make it accessible to many users and institutional partners.

According to Google, the L1 blockchain technology will offer neutrality to institutions that may be reluctant to adopt blockchains created by direct competitors. The project has already sparked multiple interests in the financial services sector, and technical details are expected to follow in the coming months. If all goes well, the GCUL project is expected to launch in 2026.

Terry Duffy, CME Chairman and CEO, said in March that the ledger has the potential to deliver efficiencies as markets move toward 24/7 trading. Google Cloud’s Rohit Bhat also commented on the project, saying strategic collaborations can open new opportunities in the global finance ecosystem.

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