Google Challenges Ripple, Circle, Stripe With New L1 Cross-Border Payments Platform

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Google Challenges Ripple, Circle, Stripe With New L1 Cross-Border Payments Platform

Highlights

Google's GCUL blockchain offers Python-based smart contracts, compliance-focused infrastructure.
It brings features like a unified API for seamless integration, high scalability, and private permissioned operation.
The move signals Google’s entry into tokenized assets, following its CME partnership.

Google Cloud has recently unveiled a new Universal Ledger (GCUL), which is a Layer-1 blockchain platform for cross-border settlements. With this move, Google is challenging existing market players like Ripple, Stripe and Circle, which provide infrastructure for instant settlements worldwide. The tech giant announced that they have designed GCUL to be simple, flexible, and safe to use.

Google’s GCUL to Challenge Dominant Players Like Ripple, Circle, Stripe

The new Layer-1 blockchain network, Google Cloud Universal Ledger (GCUL) is designed to streamline cross-border payments and asset settlements. This development comes as the tech giant explores opportunities in the blockchain and crypto industry, while recently increasing its stake in Bitcoin miner CleanSpark.

Rich Widmann, Global Head of Strategy for web3 at Google Cloud, said that GCUL is particularly for financial institutions and features Python-based smart contracts.

He also shared a chart comparing how GCUL is better than existing players like Stripe and Circle. In his latest LinkedIn post, Widmann further added that GCUL would benefit from Google’s vast distribution and serve as a neutral infrastructure layer.

Google's GCUL in Comparison With Strip, Circle — GCUL cross-border settlement | Source: Rich Widmann

Unlike proprietary networks, where Tether wouldn’t operate on Circle’s blockchain and Adyen likely wouldn’t adopt Stripe’s, GCUL is open for any financial institution to build on, he added.

The network is currently operating in a private testnet, following an earlier partnership with CME to pilot tokenized assets. The three key characteristics of Google Cloud Universal Ledger are:

Simple: GCUL is offered as a service with a unified API, streamlining integration across multiple currencies and asset types.
Flexible: GCUL provides high performance and scalability for diverse use cases, with programmability that supports payment automation and digital asset management.
Secure: GCUL is built for regulatory compliance, featuring KYC-verified accounts and compliant transaction fee structures, operating within a private, permissioned environment.

Eyeing A Share of the Tokenized Market

Traditional market players are now eyeing a share of the blockchain-based tokenized market, which has been expanding at a rapid pace recently. With Google stepping into tokenized assets with GCUL, it will also compete with Ripple’s XRPL infrastructure. As reported by CoinGape, XRPL registered 2,260% growth in tokenized RWAs.

Traditional financial players are showing growing interest in tokenized assets. Last week, Singapore’s largest bank DBS announced plans to bring tokenized structured notes to Ethereum.

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