Google Confirms Layer-1 ’Universal Ledger’ Blockchain Amid Rivalry with Circle and Stripe

Google Cloud's head of Web3 strategy, Rich Widmann, has confirmed the company's Universal Ledger is a layer-1 blockchain, diverging from industry norms with its use of Python for smart contracts instead of Solidity or Rust. The announcement follows CME Group's completion of initial integration and testing for the project, though questions linger about Google's neutrality as it competes with Stripe and Circle for dominance in institutional blockchain infrastructure.

Layer-1 blockchains operate independently, handling transactions and security without relying on external validation. Google's entry into this space signals a significant shift in the competitive landscape, with major players vying to establish the foundational networks that will underpin future financial systems.