Google Cloud is building a new layer 1 blockchain called Google Cloud Universal Ledger, aimed at banks and market infrastructure. Rich Widmann, Google Cloud’s global head of web3 strategy, said so on LinkedIn in a post published, earlier today, 27th of August.
The ledger first surfaced in March in a joint announcement with CME Group, which plans pilots for tokenisation and wholesale payments.
Tests with market participants will start later this year, and new services are aimed for 2026. The platform uses Python for smart contracts and is being pitched as a neutral infrastructure for financial firms.
What the platform does?
GCUL is a distributed ledger that supports Python-based smart contracts, and which makes it easier for many developers to write code. Google and CME say the goal is faster and cheaper settlement for collateral, margin, and fees.
CME reported it has finished the first phase of integration and testing, and the group called the work a step toward 24/7 settlement at a lower cost.
Partners and next steps
CME Group will run trials with market firms, and those hands-on tests are due to begin later this year. The companies expect to add services in 2026, Terry Duffy, CME’s chairman and CEO, said, “The partnership aims to help lawmakers and markets modernise.”
He said the ledger could bring real efficiencies for collateral and settlement. Rohit Bhat, Google Cloud’s general manager for financial services, said the project shows how Google helps partners update systems and unlock new opportunities.
Also Read: Google Play Store’s New Crypto Wallet Rule Bans Non-Custodial Apps
How GCUL fits in the market
Widmann compared GCUL to other new layer 1 efforts, and he placed it alongside blockchains being built by Circle and Stripe in a chart shared by a Paxos product lead.
Circle recently announced that it will launch a Layer 1 called Arc, and plans to conduct a public testnet this fall. According to Circle, Arc will focus on stablecoin payments, foreign exchange, and capital markets.Â
Stripe is also building a chain called Tempo, and that project is designed for fast payments and works with Ethereum’s coding language. Stripe’s work is still in stealth and involves a partner called Paradigm.
Questions about costs
Some developers worry about costs when using Google’s cloud tools. BigQuery, Google’s SQL analytics service, has raised alarms after a few costly bills. One developer was billed $15,000 for 3 queries.
Another paid $5,000 for a single query that scanned many terabytes. These cases have made users question how predictable BigQuery charges are. They also raise doubts about how reliable AI features tied to the service will be on a budget.
Why the billing issue matters for GCUL?
GCUL will run on Google Cloud, and that links Ledger users to Google’s billing systems. If analytics and AI tools can trigger large bills, firms may hesitate to adopt the ledger.
For financial players, predictable costs matter as much as speed and security. If Google wants wide takeup, it will need clear pricing and guardrails to avoid surprise charges.
We should look for technical specs from Google in the coming months, and Widmann said more details will arrive soon. Pay attention to the planned pilot results with CME and to any pricing updates from Google.
Also Read: Google Becomes the Biggest Shareholder of Bitcoin Miner Terawulf With A 14% Ownership Stake