Google unveils GCUL L1 blockchain: ‘Will stab at Ethereum’s market share’
The new chain, Google Cloud Universal Ledger (GCUL), has been billed as a fast and low-cost solution for stablecoin, other payments, and capital markets
Google has unveiled its blockchain L1 network, designed for payments infrastructure, sparking concerns over Ethereum’s [ETH] long-term moat amid stablecoin and tokenization hype.
The new chain, Google Cloud Universal Ledger (GCUL), has been billed as a fast and low-cost solution for stablecoin, other payments, and capital markets.
The immediate market reaction? A possible threat to Ethereum’s dominance as the trusted and go-to settlement for the next generation of financial markets.
Pratik Kala, Head of Research at Apollo Crypto, said the trend will compound the pressure from Stripe, Circle, and Tether, which are also exploring their own chains.
“These firms are organised and have a lot of capital – they don’t always win, but you can be assured that they will take a big stab at ETH’s market share.”
