Google Cloud’s Layer 1 Blockchain Hits Private Testnet Milestone - Exec Confirms Major Progress

Google Cloud just dropped a blockchain bombshell—their Layer 1 network is now live in private testnet phase.

Breaking New Ground

Tech insiders confirm the infrastructure giant's blockchain initiative has cleared development hurdles, moving from whiteboard to working prototype. The private testnet allows select partners to stress-test transactions, consensus mechanisms, and smart contract functionality behind Google's fortified digital walls.

Cloud-Native Architecture

Leveraging Google's global server infrastructure, the blockchain promises enterprise-grade scalability from day one. No more patchwork solutions—this thing runs on the same architecture that handles billions of search queries daily.

The Enterprise Play

While crypto degens chase the next meme coin, Google's targeting Fortune 500 companies desperate for blockchain solutions without the crypto baggage. Because nothing says 'enterprise-ready' like a blockchain that politely ignores the existence of Bitcoin.

Wall Street's already salivating over the potential—nothing gets financiers hotter than a distributed ledger that comes with corporate support contracts and a help desk that actually answers the phone.

Stablecoin adoption surge fuels Google’s GCUL L1 blockchain development

Rich Wildmann, head of Web3 strategy at Google, revealed that any financial institution will be able to build with GCUL, unlike Circle and Stripe. He cited a situation where Tether cannot use Circle’s blockchain, and Adyen probably won’t use Stripe’s blockchain.

The GCUL project came to light in March when Google partnered with CME Group. The two firms confirmed a pilot program to research tokenization and wholesale payment solutions on the ledger. 

CME Group said it has completed the first phase of integration and testing. The trade exchange firm revealed that the program will create low-cost, 24/7 settlement for collateral, margin, and fees. The group confirmed that testing with market participants will be conducted later this year, and new services are scheduled for release in 2026.

A study conducted by Google earlier this year showed that stablecoin transaction volumes tripled in 2024, reaching $5 trillion in organic transactions and $30 trillion in total.  The study revealed that PayPal recorded $1.6 trillion in annual transactions while Visa recorded about $13 trillion. It also highlighted that dollar-pegged stablecoins represent more than 1% of the total dollar supply, showing a rise in institutional and retail demand for fast payment solutions.

The study also noted that a shift in electronic transactions has improved liquidity and innovation, but cross-border payments remain costly and complex. It revealed that fragmented systems hinder trade and economic growth, with potential global losses of up to $2.8 trillion by 2030. It cited an example of reducing Walmart’s $10 billion annual processing fees, which could increase its earnings and stock value by up to 40% if the new systems are adopted.

Google says GCUL supports 24/7 capital markets infrastructure

Wildmann compared GCUL with upcoming projects from Stripe and Circle, which recently had their IPOs. Circle announced that its own L1 blockchain focuses on stablecoin payments, foreign exchange, and capital markets. It added that the public testnet launch is scheduled this fall.

Stripe confirmed its L1 blockchain is in development, named Tempo, which focuses on high-performance payment applications. It added that Tempo will be compatible with the ethereum blockchain.

Google’s GCUL has been designed as a broad infrastructure to allow various financial services rather than a single corporate payment system. Wildmann’s post revealed that GCUL aims to provide native commercial bank money on-chain, support 24/7 capital markets infrastructure, and agentic payment capabilities.

According to him, Google plans to extend the platform across its broader ecosystem and make it accessible to many users and institutional partners.

According to Google, the L1 blockchain technology will offer neutrality to institutions that may be reluctant to adopt blockchains created by direct competitors. The project has already sparked multiple interests in the financial services sector, and technical details are expected to follow in the coming months. If all goes well, the GCUL project is expected to launch in 2026.

Terry Duffy, CME Chairman and CEO, said in March that the ledger has the potential to deliver efficiencies as markets MOVE toward 24/7 trading. Google Cloud’s Rohit Bhat also commented on the project, saying strategic collaborations can open new opportunities in the global finance ecosystem.

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