Yet another traditional giant enters the stablecoin market!!!
Google has announced the launch of its self-developed blockchain network GCUL (Google Cloud Universal Ledger).
From the official introduction, GCUL is more like a “consortium chain” aimed at stablecoins: responding to the rapid growth of stablecoins and the potential trillion-dollar prospects, it aims to provide high-performance, trustworthy, and neutral settlement and clearing capabilities for the new generation of financial infrastructure.
Rich Widmann, head of Google Web3, stated that GCUL is the result of years of research and development, targeting financial institution scenarios and supporting smart contract development based on Python.
Significant growth of stablecoins in 2024: organic transaction volume is approximately $5 trillion, with total transaction volume around $30 trillion; in comparison, PayPal's annual transaction volume is about $1.6 trillion, and Visa's annual transaction volume is about $13 trillion. The supply of stablecoins pegged to the US dollar has also risen to over 1% of the US M2 money supply. These changes indicate that stablecoins have secured a place in the payment and capital markets, driving a structural transformation in the payment market valued at nearly $3 trillion.
Domestic giants like Alipay, JD.com, Tencent, and Xiaomi have all entered the stablecoin space; stablecoins inherently avoid the layers of intermediaries and high costs of traditional payment systems, enabling lower-friction fund transfers between digital wallets. In the capital markets, new solutions are emerging around digital asset settlement to improve transparency and efficiency, shorten settlement times, and reduce costs.
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