Google Cloud Introduces DLT Platform to Transform Global Capital Markets

In the context of the rapid expansion of the stablecoin sector, Google Cloud is introducing the Universal Ledger platform, aimed at enhancing conventional financial systems.

Representatives from Google Cloud have revealed the debut of the Universal Ledger (GCUL) platform, which is focused on improving payment services and offerings for capital markets. This solution, built on distributed ledger technology (DLT), will empower financial institutions to develop global, 24/7, programmable payment solutions, utilizing the current commercial bank money model while tackling the issues associated with traditional frameworks.

The Google Cloud Universal Ledger (GCUL) adopts an evolutionary strategy, allowing banks and financial intermediaries to take advantage of the benefits of DLT-based solutions for managing commercial bank money, enhancing transaction speed, reducing costs, and minimizing complexity.

The announcement emphasizes that the existing financial infrastructure is notably fragmented, which hampers economic growth. According to The Economist, the macroeconomic impact of fragmented payment systems could soar to $2.8 trillion by 2030 (-2.6% of global GDP). In 2022, financial entities allocated $37 billion per year to sustain outdated payment systems, a number projected to increase to $57 billion by 2028.

A significant driver behind the launch of GCUL is the remarkable growth of the public stablecoin sector, which presents an alternative to conventional financial systems through near-instant, low-cost global transactions. The overall volume of stablecoin transactions has reached $30 trillion, with $5 trillion in organic transactions noted in 2024. However, stablecoins encounter substantial challenges, such as regulatory and compliance hurdles, fragmentation of blockchain infrastructure, and related economic risks.

In contrast, Google Cloud’s Universal Ledger operates as a managed service accessible via a single API. GCUL facilitates multi-currency transactions, guarantees atomic settlement, and automates payment processes. Key advantages include:

1. Ease of use. Offered as a service, GCUL removes the necessity for banks to construct and manage their own intricate infrastructure.
2. Consistency. Transaction costs remain stable and transparent, in contrast to the unpredictable fees of blockchain networks.
3. Adaptability. Google’s infrastructure ensures high performance, scalability, and programmability for overseeing digital assets.
4. Safety. Functions as a private, permissioned network with verified accounts, utilizing Google’s secure and dependable infrastructure.

For clients, this translates to near-instant cross-border transactions with minimal fees and round-the-clock availability. For financial institutions, it lowers operational and infrastructural expenses, streamlines compliance, and decreases errors and fraud.

GCUL is mainly concentrated on resolving issues within capital markets. The current multi-day settlement processes, which necessitate working capital and collateral for risk management, considerably impede progress. The platform facilitates DVP (delivery-versus-payment) settlements, mitigating risks and enhancing liquidity. GCUL also offers a cohesive environment for the issuance, management, and settlement of digital assets like bonds, funds, and collateral instruments, establishing the groundwork for uninterrupted 24/7 capital flows.

GCUL has already been tested by several institutional players. In March 2025, CME Group announced intentions to utilize Google Cloud Universal Ledger for RWA tokenization to enhance capital market efficiency.

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