Google Cloud Announces "Universal Ledger" L1 Blockchain

Google Cloud confirmed it is building the Universal Ledger, a Layer 1 blockchain for payments, compliance, and institutional finance. Rich Widmann, the company’s Web3 strategy head, described the project as “performant, credibly neutral” infrastructure for financial institutions worldwide.

The Universal Ledger diverges from industry standards by adopting Python-based smart contracts rather than Solidity or Rust, lowering entry barriers for enterprises. Observers noted Python’s popularity among fintech developers could accelerate adoption, though risks of siloing and interoperability challenges remain.

Currently operating in a private testnet with CME Group as an early partner, the blockchain will initially focus on wholesale payments. Google Cloud emphasized compliance, announcing the network will run as a private, permissioned system despite Widmann’s claims of neutrality.

Analysts compared the project to Stripe’s Tempo and Circle’s Arc, arguing Google emphasizes scale while rivals tailor chains to core businesses. Critics questioned neutrality claims, citing Google’s conflicts across payments, advertising, and cloud services, warning institutions may hesitate to trust long-term independence.

US Commerce Department to Issue GDP Data on Blockchain

Commerce Secretary Howard Lutnick said the department will publish GDP figures using blockchain technology for distribution. He told President Trump during a cabinet meeting the initiative reflects the administration’s pro-crypto economic policies. Lutnick added other federal datasets could follow, extending blockchain reporting government-wide once details and infrastructure are finalized.

Officials believe blockchain reporting can strengthen transparency, even though census and economic figures are already public information. Technical specifics remain undisclosed, including which blockchain network will be used or when rollout could officially start. Lutnick, who was appointed in February, previously chaired Cantor Fitzgerald, a Wall Street firm tied to Tether’s reserve management.

Hyperliquid Whales Accused After $48 Million XPL Profits

Onchain analysts reported that four whales gained $47.5 million from Hyperliquid’s XPL rally, sparking manipulation allegations. The Plasma Chain token surged 200% in minutes on the decentralized exchange, triggering short squeezes and heavy losses for retail traders. One identified address, labeled 0xb9c, allegedly orchestrated much of the move, profiting more than $15 million.

The sudden profit came after Hyperliquid previously suffered a multimillion-dollar exploit, raising renewed concerns about platform safeguards. At least two traders publicly admitted seven-figure losses, one vowing to avoid isolated perpetual markets permanently. A blockchain analyst briefly linked Justin Sun before retracting the claim, leaving whale identities largely unconfirmed amid ongoing scrutiny.

Binance Sees $1.65 Billion Stablecoin Deposits Amid Turmoil

CryptoQuant data revealed Binance recorded $1.65 billion in stablecoin inflows this week, signaling possible market re-entry interest. The inflows coincided with nearly $1 billion in Ether withdrawals and followed weekend sell-offs that triggered widespread liquidations. Analysts noted it was the second such instance this month, underscoring capital positioning for potential crypto rebounds.

Binance processed nearly $30 billion in trades Tuesday, far ahead of competitor Bybit, highlighting its influence on market sentiment. Bitcoin briefly dropped under $109,000 before recovering above $111,000, diverging sharply from global M2 money supply correlations. ETF outflows also pressured Bitcoin, though spot funds finally posted inflows Monday after six consecutive losing sessions.

Data of the Day

Coinbase’s Base network jumped into the top three NFT ecosystems after DappRadar recorded a 70% monthly trading surge. Data showed Base processed $47.7 million in NFT volume, surpassing rivals Immutable zkEVM and Solana over the past thirty days. Collections such as Get Based, DX Terminal, and Based Style collectively contributed around $25 million in trading.

Beyond NFTs, Base has succeeded as one of the busiest blockchains, processing 27 million transactions within one month. The platform also supported $16 billion in decentralized app token transfers, highlighting its growing traction with crypto users. Despite Base’s rise, Ethereum still dominates with $408 million in volume, powered by top-tier collections like Bored Ape Yacht Club.

More Breaking News

• MetaMask added social login support, allowing users to create, back up, and restore wallets with Google or Apple accounts while retaining self-custody.
• The CFTC will use Nasdaq’s surveillance system to strengthen crypto oversight, adding automated alerts and cross-market analytics as legislation could expand its jurisdiction.
• Whale investors bought $456 million of Ether, with analysts calling it a natural rotation from Bitcoin into altcoins offering stronger profit opportunities.
• Aave Labs launched Horizon, an institutional platform for borrowing stablecoins against tokenized RWAs like Treasurys, aiming to scale onchain liquidity under regulatory compliance.
• Metaplanet announced plans to raise $880 million through an international share sale, spending nearly all proceeds accumulating Bitcoin to expand corporate reserves.

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