In a significant move towards modernizing financial transactions, CME Group announced in March the initiation of a tokenization pilot project leveraging the Google Cloud Universal Ledger (GCUL). This first-level blockchain, currently under development, aims to integrate traditional banking operations with blockchain technology.
Google Cloud Universal Ledger is designed specifically for the finance sector, allowing for the transfer of commercial bank money to the blockchain ecosystem, facilitated through Python-based smart contracts. This approach mirrors the operations of the XRP Ledger (XRPL), a blockchain solution supported by XRP tokens and designed to cater to large financial institutions. Both platforms emphasize enhancements in cross-border payment processing among banks and financial entities.
At the end of August, Alphabet, Google’s parent company, confirmed that GCUL is now in its beta testing phase, stirring excitement in the financial technology community. Emerging discussions label this initiative as a potential challenger to XRP, with predictions of its official launch coming as early as 2025.
In addition to GCUL, the blockchain space is witnessing competition from various players, notably the newly introduced ARC blockchain by Circle, the organization behind the popular USDC stablecoin. While both GCUL and XRPL operate as blockchain platforms, they differ substantially in their accessibility. The GCUL framework is classified as a private blockchain, restricting usage to certain entities, whereas the XRP Ledger is public and open to anyone.
Future developments hint at the possible introduction of a Google Coin, further expanding the company’s footprint in the cryptocurrency and financial technology landscape.
