<p>在 8 月 27 日，<strong>Alphabet</strong>（GOOG 1.04%）（GOOGL 1.13%）宣布推出一个新的区块链平台，名为 Google Cloud Universal Ledger (GCUL)。该公司将该项目框架设定为一个供金融机构在资本市场和现实资产（RWA）代币化等领域使用的区块链。这标志着 Alphabet 在区块链领域迈出的最大一步，表明其意图与现有竞争者展开竞争。</p>
<p>GCUL 直接瞄准了与 <strong>XRP</strong>（XRP -0.86%）及其发行方 Ripple 多年来所建立的价值相同的机构金融细分市场。投资者需要了解以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjQvaW52ZXN0b3JzLWFuYWx5emVzLWRhdGEtb24tbGFyZ2Utc2NyZWVuLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjQvaW52ZXN0b3JzLWFuYWx5emVzLWRhdGEtb24tbGFyZ2Utc2NyZWVuLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这个账本可能是个巨头</h2>
<p>目前，谷歌的账本正在进行私密测试，旨在供金融机构使用，而不是消费者加密网络，就像 XRP 账本（XRPL）一样。更广泛的试验计划将在今年晚些时候开始，商业服务预计将在 2026 年初推出。</p>
<p>在技术方面，该链强调银行的智能合约可编程性。GCUL 将支持基于 Python 的智能合约，这是一种企业软件开发人员熟悉的语言，旨在托管链上商业银行货币和代币化存款，而不是发行本地代币。因此，投资者需要意识到，至少目前为止，没有办法通过购买加密代币直接押注 GCUL 的成功，尽管购买 Alphabet 股票确实提供了对该链成功的间接投资。</p>
<p>谷歌将 GCUL 视为与支付竞争对手如 Stripe 和 <strong>Circle Internet Group</strong> 开发的区块链的替代方案，旨在吸引那些不想在竞争对手的网络上结算交易的风险厌恶型金融机构。此外，由于它不打算发行本地稳定币，因此资产管理者可能不需要将任何新资产接入该链。目前尚不清楚新链将如何从用户那里收取费用，但如果它计划吸引机构资金流入，费用可能会非常低。</p>
<h2>这对 XRP 意味着什么</h2>
<p>GCUL 将吸引大量资本，至少在初期是如此。毫无疑问，像 Alphabet 这样规模的公司能够利用其声誉说服目标受众中的资本持有者在该链上进行大规模试点项目，至少是最低限度。这些资本流入中的一些可能会流向 XRP 的链，因此对持有者的风险是真实存在的。</p>
<p>但机构更关心的是控制和成功的记录，而不是链运营商在其他市场的良好声誉。而且，尽管 Alphabet 在 GCUL 中嵌入合规性特征的努力可能会成功创建一个不错的平台，但它并没有任何可以证明其是低风险选项的成功记录可供参考。</p>
<p>相比之下，XRPL 设计了发行者级合规工具，如信任线、授权账户、账户冻结和黑名单，能够实现简化的合规性——而且在这些特征上有多年的良好表现可供依赖。这对资产保管人和管理者来说是一个重要的运营优势，因为已经有明显的证据证明该链是一个低风险的资本存放地。</p>
<p>还有一个信任问题。谷歌在坚持新产品发布方面的声誉不佳，包括金融产品。历史上，它经常创建新应用程序，吸引一批新用户，停止开发，然后在几年后结束该项目，让用户无处可去。机构投资者绝对不会冒险将其资产接入 GCUL，直到有严肃和长期的承诺来维护它，而这些承诺尚不存在。</p>
<p>这对投资者意味着什么？对于 XRP 的持有者来说，投资论点仍然集中在它是一个友好的账本，具有本地合规控制和日益成熟的跨境资金流动和资产发行生态系统。所有这些驱动因素都是缓慢发展的，短期内不太可能被市场上的新进入者显著干扰，即使可能会出现小幅放缓。</p>
<p>与此同时，GCUL 是一个具有非常强大分销渠道的严肃新进入者。但在赢得信任、通过客户的监管考验并展示持久流动性之前，XRP 的长期和短期投资论点看起来依然完好无损。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>在 8 月 27 日，Alphabet 宣布推出其新的区块链平台——Google Cloud Universal Ledger (GCUL)，旨在为资本市场和资产代币化提供服务的金融机构。GCUL 目前处于私测阶段，预计今年晚些时候将进行更广泛的试验，并计划在 2026 年初提供商业服务。与 XRP 不同，GCUL 不会发行本地代币，这使得直接投资变得不可能。尽管 GCUL 可能吸引大量资本，但其缺乏经过验证的业绩记录引发了机构投资者的担忧，这可能在长期内使 XRP 受益</p>

<p>On Aug. 27, <strong>Alphabet</strong>(GOOG 1.04%)(GOOGL 1.13%) said that it's launching a new blockchain platform called the Google Cloud Universal Ledger (GCUL). The company framed the project as a blockchain designed for financial institutions to use in areas like capital markets and real-world asset (RWA) tokenization. This marks Alphabet's largest step yet into the blockchain sector, suggesting that its intent is to compete with established players.</p>
<div class="lb-trans"><p>在 8 月 27 日，<strong>Alphabet</strong>（GOOG 1.04%）（GOOGL 1.13%）宣布推出一个新的区块链平台，名为 Google Cloud Universal Ledger (GCUL)。该公司将该项目框架设定为一个供金融机构在资本市场和现实资产（RWA）代币化等领域使用的区块链。这标志着 Alphabet 在区块链领域迈出的最大一步，表明其意图与现有竞争者展开竞争。</p>
</div><p>GCUL directly targets the same institutional finance niche where <strong>XRP</strong>(XRP -0.86%) and its issuer, Ripple, have spent years building value. Here's what investors need to know.</p>
<div class="lb-trans"><p>GCUL 直接瞄准了与 <strong>XRP</strong>（XRP -0.86%）及其发行方 Ripple 多年来所建立的价值相同的机构金融细分市场。投资者需要了解以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjQvaW52ZXN0b3JzLWFuYWx5emVzLWRhdGEtb24tbGFyZ2Utc2NyZWVuLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831324%2Finvestors-analyzes-data-on-large-screen.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>This ledger could be a giant</h2>
<div class="lb-trans"><h2>这个账本可能是个巨头</h2>
</div><p>Right now, Google's ledger is running in private testing, and it's positioned to be used by financial institutions rather than a consumer crypto network, just like the XRP Ledger (XRPL). Wider trials are slated to begin later this year, with commercial services targeted for launch in early 2026.</p>
<div class="lb-trans"><p>目前，谷歌的账本正在进行私密测试，旨在供金融机构使用，而不是消费者加密网络，就像 XRP 账本（XRPL）一样。更广泛的试验计划将在今年晚些时候开始，商业服务预计将在 2026 年初推出。</p>
</div><p>On the technical front, the chain emphasizes smart contract programmability for banks. GCUL will support Python-based smart contracts, a familiar language for enterprise software developers, and it aims to host on-chain commercial bank money and tokenized deposits rather than issue a native token. So investors need to be aware that there is, at least for now, no way to directly bet on the success of GCUL by buying a crypto token, though buying Alphabet stock does provide exposure to the chain's success.</p>
<div class="lb-trans"><p>在技术方面，该链强调银行的智能合约可编程性。GCUL 将支持基于 Python 的智能合约，这是一种企业软件开发人员熟悉的语言，旨在托管链上商业银行货币和代币化存款，而不是发行本地代币。因此，投资者需要意识到，至少目前为止，没有办法通过购买加密代币直接押注 GCUL 的成功，尽管购买 Alphabet 股票确实提供了对该链成功的间接投资。</p>
</div><p>Google frames GCUL as an alternative to blockchains being developed by payments competitors like Stripe and <strong>Circle Internet Group</strong>, a pitch designed to coax risk-averse financial institutions that do not want to settle transactions on a rival's rails. Furthermore, as it does not plan to issue a native stablecoin, there likely won't be any requirements for asset managers to onboard any new assets to use the chain. It's currently unclear how the new chain will earn fees from users, but if it plans to capture institutional inflows, it's probable that fees will be very low.</p>
<div class="lb-trans"><p>谷歌将 GCUL 视为与支付竞争对手如 Stripe 和 <strong>Circle Internet Group</strong> 开发的区块链的替代方案，旨在吸引那些不想在竞争对手的网络上结算交易的风险厌恶型金融机构。此外，由于它不打算发行本地稳定币，因此资产管理者可能不需要将任何新资产接入该链。目前尚不清楚新链将如何从用户那里收取费用，但如果它计划吸引机构资金流入，费用可能会非常低。</p>
</div><h2>What does this mean for XRP</h2>
<div class="lb-trans"><h2>这对 XRP 意味着什么</h2>
</div><p>The GCUL is going to attract a significant amount of capital, at least at first. It's inevitable that a company the size of Alphabet is going to be able to use its reputational heft to persuade holders of capital in its target audience to run sizable pilot programs on the chain at the absolute bare minimum. Some of those capital inflows might otherwise find their way onto XRP's chain, so the risk to holders is real.</p>
<div class="lb-trans"><p>GCUL 将吸引大量资本，至少在初期是如此。毫无疑问，像 Alphabet 这样规模的公司能够利用其声誉说服目标受众中的资本持有者在该链上进行大规模试点项目，至少是最低限度。这些资本流入中的一些可能会流向 XRP 的链，因此对持有者的风险是真实存在的。</p>
</div><p>But institutions care about controls and track records of success more than a chain operator's good reputation in other markets. And, while Alphabet's efforts to bake regulatory compliance features into the GCUL are likely to succeed in creating a decent platform, it simply doesn't have any track record to point to that proves that it's a low-risk option to use.</p>
<div class="lb-trans"><p>但机构更关心的是控制和成功的记录，而不是链运营商在其他市场的良好声誉。而且，尽管 Alphabet 在 GCUL 中嵌入合规性特征的努力可能会成功创建一个不错的平台，但它并没有任何可以证明其是低风险选项的成功记录可供参考。</p>
</div><p>In contrast, the XRPL was designed with issuer-level compliance tools like trust lines, authorized accounts, account freeze, and blacklists, enabling streamlined compliance -- and it has years and years of good performance across those features to lean on. That's a meaningful operational advantage for asset custodians and managers because there's already obvious proof of the chain being a low-risk place to park capital.</p>
<div class="lb-trans"><p>相比之下，XRPL 设计了发行者级合规工具，如信任线、授权账户、账户冻结和黑名单，能够实现简化的合规性——而且在这些特征上有多年的良好表现可供依赖。这对资产保管人和管理者来说是一个重要的运营优势，因为已经有明显的证据证明该链是一个低风险的资本存放地。</p>
</div><p>There is also a problem of trust. Google has a shaky reputation when it comes to sticking with new product launches, including for financial products. Historically it has often created new applications, onboarded a population of new users, ceased development, and then sunsetted the project a couple of years later, leaving users high and dry. Institutional investors will absolutely not risk the disruption of onboarding their assets to the GCUL until there are serious and long-term commitments to maintaining it, which do not yet exist.</p>
<div class="lb-trans"><p>还有一个信任问题。谷歌在坚持新产品发布方面的声誉不佳，包括金融产品。历史上，它经常创建新应用程序，吸引一批新用户，停止开发，然后在几年后结束该项目，让用户无处可去。机构投资者绝对不会冒险将其资产接入 GCUL，直到有严肃和长期的承诺来维护它，而这些承诺尚不存在。</p>
</div><p>What does that mean for investors? For holders of XRP, the investment thesis remains centered on it being an institution-friendly ledger with native compliance controls and a maturing ecosystem for cross-border money movement and asset issuance. All of those drivers are slow burns, and they are not likely to be significantly disrupted in the near term by a new entrant to the market, even if a small slowdown could happen.</p>
<div class="lb-trans"><p>这对投资者意味着什么？对于 XRP 的持有者来说，投资论点仍然集中在它是一个友好的账本，具有本地合规控制和日益成熟的跨境资金流动和资产发行生态系统。所有这些驱动因素都是缓慢发展的，短期内不太可能被市场上的新进入者显著干扰，即使可能会出现小幅放缓。</p>
</div><p>At the same time, GCUL is a serious new entrant with a very strong distribution channel. But until it wins trust, clears regulatory gauntlets with customers, and demonstrates durable liquidity, XRP's long-term and short-term investment theses look intact.</p>
<div class="lb-trans"><p>与此同时，GCUL 是一个具有非常强大分销渠道的严肃新进入者。但在赢得信任、通过客户的监管考验并展示持久流动性之前，XRP 的长期和短期投资论点看起来依然完好无损。</p>
</div>

Google Just Unveiled a New Blockchain That Will Compete With XRP. Here's What Investors Need to Know.

- Alphabet 于 8 月 27 日推出新的区块链平台 Google Cloud Universal Ledger (GCUL)。  
- GCUL 旨在为金融机构提供服务，支持智能合约和代币化存款。  
- 尽管 GCUL 具备潜力，但 XRP 仍因合规性和成熟生态系统保持投资吸引力。

谷歌刚刚发布了一种新的区块链技术，将与 XRP 展开竞争。以下是投资者需要知道的要点