Google has launched its L1 blockchain, GCUL, targeting the payments infrastructure market. The move is seen as a potential challenge to Ethereum’s significant market share in the stablecoin and tokenization sectors.
As of August 2025, Ethereum holds a dominant 52% of the stablecoin market, valued at 145 billion USD. Concerns arise regarding its future with competitors like Stripe, Tether, and Circle also exploring blockchain solutions.
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