<p><strong>Alphabet</strong>（GOOGL -0.73%）（GOOG -0.72%）的 Google Cloud 部门刚刚宣布正在开发 Google Cloud Universal Ledger (GCUL)，这是一个针对金融机构的新一层区块链（Layer-1，L1）。与资本市场参与者的试点项目已经开始，计划于 2026 年推出之前将进行更广泛的试验。</p>
<p>考虑到 Google 针对 GCUL 的细分市场，立即出现的问题是 <strong>XRP</strong>（XRP）的持有者是否应该担忧。让我们仔细看看这些计划是什么，以及它们与 Ripple 的 XRP Ledger（XRPL）试图做的事情有何比较。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MTAvdGhyZWUtaW52ZXN0b3JzLW1lZXQtd2l0aC1wYXBlcndvcmsuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MTAvdGhyZWUtaW52ZXN0b3JzLW1lZXQtd2l0aC1wYXBlcndvcmsuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Google 将推出的内容</h2>
<p>GCUL 的使命是为代币化资产和交易结算提供机构级的金融基础设施，并支持与各种传统系统的互操作性以及 Python 编程语言的智能合约支持。这一雄心壮志立即表明它将直接与 XRP 竞争，但从今天到新链拥有持久流动性和目标市场所需的功能之间还有很长的路要走。</p>
<p>历史上，Google Cloud 在加密领域的工作主要是为其他链提供基础设施和工具，例如其管理的区块链节点引擎。这与运营区块链并吸引用户在其上开发是非常不同的，但这表明该领域有一定的经验基础可以依托，而不是从零开始。换句话说，GCUL 旨在将 Google 从一个小众加密供应商转变为主流区块链提供商。</p>
<p>虽然 Google Cloud 已经为金融机构提供计算、企业存储和合规框架，但它本身并不是一个受监管的金融服务提供商。目前尚不清楚它是否会寻求这一身份。因此，机构在现阶段仍需依赖其通常的保管人、银行和其他服务来使 GCUL 达到生产级别。</p>
<p>目前尚不清楚 GCUL 是否会推出原生代币。如果推出，该代币可能用于支付链的用户费用（gas 费），并且可能会从加密领域的其他地方抽走资本。但也完全有可能 Google 选择使用稳定币支付费用，这将消除对原生代币的需求。采取这种方式将使链看起来更像是专业的金融基础设施，而不是投机平台，因此综合考虑，投资者可能无法直接投资于 GCUL。</p>
<p>一个潜在的问题是，Alphabet 在终止产品方面的可疑声誉可能会在边际上抑制关键任务的采用。简单来说，许多用户和开发者认为 Alphabet 长期以来一直有推出雄心勃勃的新服务却在几年的努力后放弃的习惯。金融机构不希望因为其提供商感到厌倦而不得不更换关键基础设施的组成部分。</p>
<p>这并不意味着 GCUL 会失败。这意味着投资者应该调整他们对其竞争影响的预期。新的场所可能需要数年才能赢得信任和规模。</p>
<h2>XRP 的护城河不会消失</h2>
<p>就目前而言，GCUL 并不是对 XRP 的生存威胁，尽管它可能会在某种程度上减缓 XRP 的增长。</p>
<p>XRP 的投资论点一直依赖于作为跨境资金转移、支付和管理代币化资产的有用基础设施，具备适合机构的合规控制。而 Ripple 目前正在寻求美国的国家银行特许，这可能赋予其关键的法律能力，以扩展和推广 XRPL 作为平台——因此在这一方面相对于 GCUL 处于领先地位。这一点很重要，因为它降低了银行、经纪人和资产发行者在特定报告要求下的整合摩擦。</p>
<p>GCUL 能否在支付、转账和资产代币化市场价值增长的情况下争夺 XRP 的市场份额？是的，特别是如果 Google 将账本与激励措施、为其云客户提供无缝的接入方式以及降低切换成本的互操作性结合起来。即使其在金融科技方面的经验有限，即使应用开发者对其产品策略有许多异议，Google 品牌在全球范围内的知名度远远超过 XRP 和 Ripple 的总和。</p>
<p>实际上，现有企业通常在新进入者试图找到立足点时继续获胜，即使它们拥有庞大的资源。XRP 有望继续吸引希望获得严格的协议级控制和快速、廉价交易结算的资产发行者。它还拥有高度忠诚的投资者基础，以及明确的路线图，说明如何进一步发展其金融基础设施价值链，以便随着时间的推移捕获更多价值。</p>
<p>相比之下，GCUL 必须首先证明其持久性，招募和留住真正的资本，并在采购委员会的审查下生存，这些委员会记得 Google 对非核心产品的耐心有限。在这些条件尚未满足之前，XRP 的长期论点依然有效，来自准备进入市场的新竞争者的短期干扰似乎有限。</p>

谷歌-C

谷歌-A

<p>Alphabet 的 Google Cloud 正在开发 Google Cloud Universal Ledger (GCUL)，这是一种面向金融机构的新一层区块链，计划于 2026 年推出。此举引发了 XRP 持有者的担忧，因为 GCUL 可能会与 Ripple 的 XRP Ledger 竞争。虽然 GCUL 旨在为代币化资产提供机构级基础设施，但在获得信任和市场份额方面面临挑战。目前，XRP 在跨境支付和资产管理方面仍然是一个强有力的参与者，Ripple 正在寻求国家银行特许，以增强其市场地位</p>

<p><strong>Alphabet</strong>'s (GOOGL -0.73%)(GOOG -0.72%) Google Cloud unit just announced that it's in the process of developing the Google Cloud Universal Ledger (GCUL), a new Layer-1 (L1) blockchain intended for financial institutions. Pilot programs have begun with capital markets players, and broader trials are slated ahead of its planned 2026 launch.</p>
<div class="lb-trans"><p><strong>Alphabet</strong>（GOOGL -0.73%）（GOOG -0.72%）的 Google Cloud 部门刚刚宣布正在开发 Google Cloud Universal Ledger (GCUL)，这是一个针对金融机构的新一层区块链（Layer-1，L1）。与资本市场参与者的试点项目已经开始，计划于 2026 年推出之前将进行更广泛的试验。</p>
</div><p>Given the niche being targeted by Google with the GCUL, the immediate question is whether holders of <strong>XRP</strong>(XRP) should worry. Let's take a closer look at what the plans are and how they compare to what Ripple's XRP Ledger (XRPL) is trying to do.</p>
<div class="lb-trans"><p>考虑到 Google 针对 GCUL 的细分市场，立即出现的问题是 <strong>XRP</strong>（XRP）的持有者是否应该担忧。让我们仔细看看这些计划是什么，以及它们与 Ripple 的 XRP Ledger（XRPL）试图做的事情有何比较。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MTAvdGhyZWUtaW52ZXN0b3JzLW1lZXQtd2l0aC1wYXBlcndvcmsuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833610%2Fthree-investors-meet-with-paperwork.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>What Google's going to launch</h2>
<div class="lb-trans"><h2>Google 将推出的内容</h2>
</div><p>GCUL's stated mission is to be institutional-grade financial plumbing for tokenized assets and transaction settlement, with interoperability for various legacy systems and smart contract support in the Python programming language. That ambition immediately suggests that it will be a direct competitor to XRP, but there's still a long journey from today to the new chain having durable liquidity and functioning features that the target market wants.</p>
<div class="lb-trans"><p>GCUL 的使命是为代币化资产和交易结算提供机构级的金融基础设施，并支持与各种传统系统的互操作性以及 Python 编程语言的智能合约支持。这一雄心壮志立即表明它将直接与 XRP 竞争，但从今天到新链拥有持久流动性和目标市场所需的功能之间还有很长的路要走。</p>
</div><p>Historically, Google Cloud's crypto work has been infrastructure and tooling for other chains, such as its managed Blockchain Node Engine. That's very different from operating a blockchain and corralling users to develop on it, but it indicates that there is a base of experience in the sector to build on rather than starting from a blank slate. In other words, GCUL aims to move Google from being a niche crypto vendor to a mainstream blockchain provider.</p>
<div class="lb-trans"><p>历史上，Google Cloud 在加密领域的工作主要是为其他链提供基础设施和工具，例如其管理的区块链节点引擎。这与运营区块链并吸引用户在其上开发是非常不同的，但这表明该领域有一定的经验基础可以依托，而不是从零开始。换句话说，GCUL 旨在将 Google 从一个小众加密供应商转变为主流区块链提供商。</p>
</div><p>Whereas Google Cloud already serves financial institutions with computing, enterprise storage, and regulatory compliance frameworks, it is not itself a regulated financial services provider. At this juncture, it's unclear whether it will seek that designation. Institutions will thus, at least for now, still need their usual roster of custodians, banks, and other services to make GCUL production-grade.</p>
<div class="lb-trans"><p>虽然 Google Cloud 已经为金融机构提供计算、企业存储和合规框架，但它本身并不是一个受监管的金融服务提供商。目前尚不清楚它是否会寻求这一身份。因此，机构在现阶段仍需依赖其通常的保管人、银行和其他服务来使 GCUL 达到生产级别。</p>
</div><p>It's also not yet known if the GCUL will launch with a native token. If it does, that token will likely be used to pay the equivalent of the chain's gas (user) fees, and it will also likely sap capital from elsewhere in the crypto sector. But it's also entirely possible that Google will opt to make fees payable in stablecoins, which would abrogate the need for a native token. Taking such a route would additionally make the chain look more like a professional piece of financial infrastructure rather than a platform for speculation, so with all things considered, it's fairly probable that investors won't be able to invest in the GCUL directly.</p>
<div class="lb-trans"><p>目前尚不清楚 GCUL 是否会推出原生代币。如果推出，该代币可能用于支付链的用户费用（gas 费），并且可能会从加密领域的其他地方抽走资本。但也完全有可能 Google 选择使用稳定币支付费用，这将消除对原生代币的需求。采取这种方式将使链看起来更像是专业的金融基础设施，而不是投机平台，因此综合考虑，投资者可能无法直接投资于 GCUL。</p>
</div><p>One potential issue is that Alphabet's sketchy reputation for sunsetting products could chill mission-critical adoption at the margin. Simply put, many users and developers feel that Alphabet has a long-standing habit of launching ambitious new services only to abandon them a couple of years later after a sub-maximal effort to make them succeed. Financial institutions do not want to have to switch over key pieces of their infrastructure because their provider got bored.</p>
<div class="lb-trans"><p>一个潜在的问题是，Alphabet 在终止产品方面的可疑声誉可能会在边际上抑制关键任务的采用。简单来说，许多用户和开发者认为 Alphabet 长期以来一直有推出雄心勃勃的新服务却在几年的努力后放弃的习惯。金融机构不希望因为其提供商感到厌倦而不得不更换关键基础设施的组成部分。</p>
</div><p>None of this means GCUL will fail. It means investors should calibrate their expectations about its competitive impact. New venues can take years to earn trust and scale.</p>
<div class="lb-trans"><p>这并不意味着 GCUL 会失败。这意味着投资者应该调整他们对其竞争影响的预期。新的场所可能需要数年才能赢得信任和规模。</p>
</div><h2>XRP's moat isn't going anywhere</h2>
<div class="lb-trans"><h2>XRP 的护城河不会消失</h2>
</div><p>As things stand today, the GCUL is not an existential threat to XRP, though it could slow its growth somewhat.</p>
<div class="lb-trans"><p>就目前而言，GCUL 并不是对 XRP 的生存威胁，尽管它可能会在某种程度上减缓 XRP 的增长。</p>
</div><p>XRP's investment thesis has always hinged on being useful plumbing for cross-border money transfers, payments, and managing tokenized assets with institution-friendly compliance controls. And Ripple is currently seeking a national bank charter in the U.S., which could give it key legal capabilities to expand and market the XRPL as a platform -- so it's ahead of the game relative to GCUL on that front. That matters because it lowers the integration friction for banks, brokers, and asset issuers that have specific reporting requirements.</p>
<div class="lb-trans"><p>XRP 的投资论点一直依赖于作为跨境资金转移、支付和管理代币化资产的有用基础设施，具备适合机构的合规控制。而 Ripple 目前正在寻求美国的国家银行特许，这可能赋予其关键的法律能力，以扩展和推广 XRPL 作为平台——因此在这一方面相对于 GCUL 处于领先地位。这一点很重要，因为它降低了银行、经纪人和资产发行者在特定报告要求下的整合摩擦。</p>
</div><p>Could GCUL contest XRP's market share as the value of the payments, transfers, and asset tokenization markets grow? Yes, especially if Google pairs the ledger with incentives, seamless on-ramps for its cloud customers, and interoperability that reduces switching costs. Even if its experience in fintech is minimal, and even if app developers have many quibbles about its product strategy, the Google brand is globally known, far more so than XRP and Ripple combined.</p>
<div class="lb-trans"><p>GCUL 能否在支付、转账和资产代币化市场价值增长的情况下争夺 XRP 的市场份额？是的，特别是如果 Google 将账本与激励措施、为其云客户提供无缝的接入方式以及降低切换成本的互操作性结合起来。即使其在金融科技方面的经验有限，即使应用开发者对其产品策略有许多异议，Google 品牌在全球范围内的知名度远远超过 XRP 和 Ripple 的总和。</p>
</div><p>In practice, incumbents often keep winning while newcomers try to find their footing, even when they're backed with vast resources. XRP is positioned to keep courting asset issuers that want tight, protocol-level controls and cheap, fast transaction settlement. It also has a highly committed investor base, and a clear roadmap for how to develop its financial infrastructure value chain further to capture more value over time.</p>
<div class="lb-trans"><p>实际上，现有企业通常在新进入者试图找到立足点时继续获胜，即使它们拥有庞大的资源。XRP 有望继续吸引希望获得严格的协议级控制和快速、廉价交易结算的资产发行者。它还拥有高度忠诚的投资者基础，以及明确的路线图，说明如何进一步发展其金融基础设施价值链，以便随着时间的推移捕获更多价值。</p>
</div><p>In contrast, GCUL must first prove staying power, recruit and retain real capital, and survive procurement committees that remember Google's limited patience with non-core products. Until those boxes are checked, XRP's long-run thesis is intact, and near-term disruption from a new competitor preparing to enter the scene looks to be limited.</p>
<div class="lb-trans"><p>相比之下，GCUL 必须首先证明其持久性，招募和留住真正的资本，并在采购委员会的审查下生存，这些委员会记得 Google 对非核心产品的耐心有限。在这些条件尚未满足之前，XRP 的长期论点依然有效，来自准备进入市场的新竞争者的短期干扰似乎有限。</p>
</div>

Does Alphabet's New Blockchain Bet Spell Doom for XRP?

- Google Cloud 正在开发 Google Cloud Universal Ledger (GCUL)，计划于 2026 年推出。  
- GCUL 旨在为金融机构提供代币化资产的交易结算和互操作性，可能与 XRP 竞争。  
- 目前 GCUL 对 XRP 的威胁有限，XRP 仍具备强大的市场基础和发展潜力。  

Alphabet 的新区块链投资是否会给 XRP 带来厄运？