Google Cloud Reveals Plans for ‘Universal Ledger’ Blockchain for Financial Institutions
Google Cloud is taking a major step into the blockchain space with its upcoming Universal Ledger, a new layer-1 blockchain aimed at serving global financial institutions.
In a recent LinkedIn post, Rich Widmann, head of Web3 strategy at Google Cloud, described the Universal Ledger as a “credibly neutral” network built after years of research and development. The platform is designed to support Python-based smart contracts and act as a shared infrastructure layer for the financial industry.
“Tether won’t use Circle’s blockchain — and Adyen probably won’t use Stripe’s blockchain,” Widmann said, highlighting the need for a neutral platform that competing institutions can trust.
According to Widmann, Google’s blockchain will be scalable to billions of users and offer “bank-grade” capabilities. Technical specifications will be released in the coming months.
Google Enters the Institutional Blockchain Race
The Universal Ledger puts Google Cloud in direct competition with fintech players like Stripe and Circle, both of which are developing their own blockchains. Circle recently introduced Arc, a blockchain optimized for stablecoin finance, while Stripe is quietly working on a project called Tempo in collaboration with crypto venture firm Paradigm.
A chart shared by Widmann positioned Google’s Universal Ledger as a global-scale platform, in contrast to Circle’s focus on USDC and Stripe’s payments ecosystem.
Testing Underway With CME Group
The project is already being tested with one of the biggest names in global finance — the Chicago Mercantile Exchange (CME) Group.
Announced in March, the pilot program will explore how the Universal Ledger can be used for tokenized asset settlement and wholesale payments. While specific assets haven’t been disclosed, broader trials are expected in 2026.
CME CEO Terry Duffy said the blockchain could bring ”significant efficiencies” to key financial operations like collateral, margin, settlement, and fee payments — especially as markets move toward 24/7 trading.
Part of a Bigger Blockchain Push
Google Cloud has been expanding its blockchain efforts since 2018, when it first added Bitcoin data to its BigQuery analytics platform. It later added support for Ethereum and more than a dozen other networks.
That momentum picked up in 2022 with the launch of a dedicated Web3 division, which has since led to partnerships with major players like Coinbase, Polygon, and Solana.
Industry Momentum Builds
Google’s move comes amid a wave of similar efforts from tech and fintech firms:
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In February, Plasma, a startup with ties to Tether investors, announced plans to build a blockchain tailored for USDT settlement after raising $24 million.
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In June, Robinhood launched tokenized stocks and ETFs for European users on Arbitrum, with plans to migrate them to its own blockchain in the future.
With its Universal Ledger, Google Cloud is positioning itself not just as a participant in the blockchain space — but potentially as a backbone for the next generation of financial infrastructure.
Featured image from: cointelegraph.com