Google Cloud builds neutral layer-1 blockchain in biggest threat to Swift yet

Google Cloud has taken its first major step into blockchain infrastructure development with the launch of the Google Cloud Universal Ledger (GCUL), a Layer 1 network designed to support faster payments and settlement across borders.

The initiative places Google directly in the path of global financial institutions seeking scalable ways to handle digital money and tokenized assets.

Currently, the network is operating in a private testnet, and further technical details will be provided soon.

What is GCUL?

Rich Widmann, who leads Google’s Web3 strategy, framed the product as a neutral layer. He argued that institutions are unlikely to adopt payment blockchains controlled by direct competitors, but GCUL’s design allows any bank or processor to participate without ceding control.

He said:

“GCUL is a neutral infrastructure layer. Tether won’t use Circle’s blockchain – and Adyen probably won’t use Stripe’s blockchain. But any financial institution can build with GCUL.”

Considering this, the company said GCUL is intended as a foundation for applying new financial services and capital markets.

The system is meant to simplify account management while giving banks and intermediaries tools to automate complex transfers by putting commercial bank money and digital assets on a shared ledger.

Unlike public blockchains that rely on volatile gas fees, GCUL is being offered as a service accessed through a single application programming interface (API).

This approach removes the need for participants to maintain their infrastructure while keeping costs predictable with monthly billing.

GCUL uses

Google explained that the network is designed to process multiple currencies and asset types, allowing users to plug into the system without major technical overhead.

The ledger is programmable, which means institutions can build payment automation and digital asset workflows directly on top of it. Wallet integration is supported, and transactions are governed by compliance requirements such as know-your-customer (KYC) verification.

The system promises end users low-cost, near-instant transactions at any time of day. For banks and payment providers, it reduces reconciliation work, minimizes fraud risk, and streamlines compliance.

Google said these efficiencies should enable institutions to devote more resources to product development while retaining ownership of customer relationships and regulatory oversight.

Google disclosed that GCUL will support Python-based smart contracts, which have already been used in a pilot for tokenized assets with CME Group.

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