<p>在 8 月 27 日，<strong>Alphabet</strong>（GOOG 1.04%）（GOOGL 1.13%）宣佈推出一個新的區塊鏈平台，名為 Google Cloud Universal Ledger (GCUL)。該公司將該項目框架設定為一個供金融機構在資本市場和現實資產（RWA）代幣化等領域使用的區塊鏈。這標誌着 Alphabet 在區塊鏈領域邁出的最大一步，表明其意圖與現有競爭者展開競爭。</p>
<p>GCUL 直接瞄準了與 <strong>XRP</strong>（XRP -0.86%）及其發行方 Ripple 多年來所建立的價值相同的機構金融細分市場。投資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>圖片來源：Getty Images。</p>
<h2>這個賬本可能是個巨頭</h2>
<p>目前，谷歌的賬本正在進行私密測試，旨在供金融機構使用，而不是消費者加密網絡，就像 XRP 賬本（XRPL）一樣。更廣泛的試驗計劃將在今年晚些時候開始，商業服務預計將在 2026 年初推出。</p>
<p>在技術方面，該鏈強調銀行的智能合約可編程性。GCUL 將支持基於 Python 的智能合約，這是一種企業軟件開發人員熟悉的語言，旨在託管鏈上商業銀行貨幣和代幣化存款，而不是發行本地代幣。因此，投資者需要意識到，至少目前為止，沒有辦法通過購買加密代幣直接押注 GCUL 的成功，儘管購買 Alphabet 股票確實提供了對該鏈成功的間接投資。</p>
<p>谷歌將 GCUL 視為與支付競爭對手如 Stripe 和 <strong>Circle Internet Group</strong> 開發的區塊鏈的替代方案，旨在吸引那些不想在競爭對手的網絡上結算交易的風險厭惡型金融機構。此外，由於它不打算發行本地穩定幣，因此資產管理者可能不需要將任何新資產接入該鏈。目前尚不清楚新鏈將如何從用户那裏收取費用，但如果它計劃吸引機構資金流入，費用可能會非常低。</p>
<h2>這對 XRP 意味着什麼</h2>
<p>GCUL 將吸引大量資本，至少在初期是如此。毫無疑問，像 Alphabet 這樣規模的公司能夠利用其聲譽説服目標受眾中的資本持有者在該鏈上進行大規模試點項目，至少是最低限度。這些資本流入中的一些可能會流向 XRP 的鏈，因此對持有者的風險是真實存在的。</p>
<p>但機構更關心的是控制和成功的記錄，而不是鏈運營商在其他市場的良好聲譽。而且，儘管 Alphabet 在 GCUL 中嵌入合規性特徵的努力可能會成功創建一個不錯的平台，但它並沒有任何可以證明其是低風險選項的成功記錄可供參考。</p>
<p>相比之下，XRPL 設計了發行者級合規工具，如信任線、授權賬户、賬户凍結和黑名單，能夠實現簡化的合規性——而且在這些特徵上有多年的良好表現可供依賴。這對資產保管人和管理者來説是一個重要的運營優勢，因為已經有明顯的證據證明該鏈是一個低風險的資本存放地。</p>
<p>還有一個信任問題。谷歌在堅持新產品發佈方面的聲譽不佳，包括金融產品。歷史上，它經常創建新應用程序，吸引一批新用户，停止開發，然後在幾年後結束該項目，讓用户無處可去。機構投資者絕對不會冒險將其資產接入 GCUL，直到有嚴肅和長期的承諾來維護它，而這些承諾尚不存在。</p>
<p>這對投資者意味着什麼？對於 XRP 的持有者來説，投資論點仍然集中在它是一個友好的賬本，具有本地合規控制和日益成熟的跨境資金流動和資產發行生態系統。所有這些驅動因素都是緩慢發展的，短期內不太可能被市場上的新進入者顯著干擾，即使可能會出現小幅放緩。</p>
<p>與此同時，GCUL 是一個具有非常強大分銷渠道的嚴肅新進入者。但在贏得信任、通過客户的監管考驗並展示持久流動性之前，XRP 的長期和短期投資論點看起來依然完好無損。</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 宣佈推出其新的區塊鏈平台——Google Cloud Universal Ledger (GCUL)，旨在為資本市場和資產代幣化提供服務的金融機構。GCUL 目前處於私測階段，預計今年晚些時候將進行更廣泛的試驗，並計劃在 2026 年初提供商業服務。與 XRP 不同，GCUL 不會發行本地代幣，這使得直接投資變得不可能。儘管 GCUL 可能吸引大量資本，但其缺乏經過驗證的業績記錄引發了機構投資者的擔憂，這可能在長期內使 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%）宣佈推出一個新的區塊鏈平台，名為 Google Cloud Universal Ledger (GCUL)。該公司將該項目框架設定為一個供金融機構在資本市場和現實資產（RWA）代幣化等領域使用的區塊鏈。這標誌着 Alphabet 在區塊鏈領域邁出的最大一步，表明其意圖與現有競爭者展開競爭。</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 直接瞄準了與 <strong>XRP</strong>（XRP -0.86%）及其發行方 Ripple 多年來所建立的價值相同的機構金融細分市場。投資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>圖片來源：Getty Images。</p>
</div><h2>This ledger could be a giant</h2>
<div class="lb-trans"><h2>這個賬本可能是個巨頭</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，谷歌的賬本正在進行私密測試，旨在供金融機構使用，而不是消費者加密網絡，就像 XRP 賬本（XRPL）一樣。更廣泛的試驗計劃將在今年晚些時候開始，商業服務預計將在 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>在技術方面，該鏈強調銀行的智能合約可編程性。GCUL 將支持基於 Python 的智能合約，這是一種企業軟件開發人員熟悉的語言，旨在託管鏈上商業銀行貨幣和代幣化存款，而不是發行本地代幣。因此，投資者需要意識到，至少目前為止，沒有辦法通過購買加密代幣直接押注 GCUL 的成功，儘管購買 Alphabet 股票確實提供了對該鏈成功的間接投資。</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>谷歌將 GCUL 視為與支付競爭對手如 Stripe 和 <strong>Circle Internet Group</strong> 開發的區塊鏈的替代方案，旨在吸引那些不想在競爭對手的網絡上結算交易的風險厭惡型金融機構。此外，由於它不打算發行本地穩定幣，因此資產管理者可能不需要將任何新資產接入該鏈。目前尚不清楚新鏈將如何從用户那裏收取費用，但如果它計劃吸引機構資金流入，費用可能會非常低。</p>
</div><h2>What does this mean for XRP</h2>
<div class="lb-trans"><h2>這對 XRP 意味着什麼</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 將吸引大量資本，至少在初期是如此。毫無疑問，像 Alphabet 這樣規模的公司能夠利用其聲譽説服目標受眾中的資本持有者在該鏈上進行大規模試點項目，至少是最低限度。這些資本流入中的一些可能會流向 XRP 的鏈，因此對持有者的風險是真實存在的。</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>但機構更關心的是控制和成功的記錄，而不是鏈運營商在其他市場的良好聲譽。而且，儘管 Alphabet 在 GCUL 中嵌入合規性特徵的努力可能會成功創建一個不錯的平台，但它並沒有任何可以證明其是低風險選項的成功記錄可供參考。</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 設計了發行者級合規工具，如信任線、授權賬户、賬户凍結和黑名單，能夠實現簡化的合規性——而且在這些特徵上有多年的良好表現可供依賴。這對資產保管人和管理者來説是一個重要的運營優勢，因為已經有明顯的證據證明該鏈是一個低風險的資本存放地。</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>還有一個信任問題。谷歌在堅持新產品發佈方面的聲譽不佳，包括金融產品。歷史上，它經常創建新應用程序，吸引一批新用户，停止開發，然後在幾年後結束該項目，讓用户無處可去。機構投資者絕對不會冒險將其資產接入 GCUL，直到有嚴肅和長期的承諾來維護它，而這些承諾尚不存在。</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>這對投資者意味着什麼？對於 XRP 的持有者來説，投資論點仍然集中在它是一個友好的賬本，具有本地合規控制和日益成熟的跨境資金流動和資產發行生態系統。所有這些驅動因素都是緩慢發展的，短期內不太可能被市場上的新進入者顯著干擾，即使可能會出現小幅放緩。</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>與此同時，GCUL 是一個具有非常強大分銷渠道的嚴肅新進入者。但在贏得信任、通過客户的監管考驗並展示持久流動性之前，XRP 的長期和短期投資論點看起來依然完好無損。</p>
</div>

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

- Alphabet 於 8 月 27 日推出新的區塊鏈平台 Google Cloud Universal Ledger (GCUL)。  
- GCUL 旨在為金融機構提供服務，支持智能合約和代幣化存款。  
- 儘管 GCUL 具備潛力，但 XRP 仍因合規性和成熟生態系統保持投資吸引力。

谷歌剛剛發佈了一種新的區塊鏈技術，將與 XRP 展開競爭。以下是投資者需要知道的要點