Crypto Trends #1: GCUL and Nasdaq – the next steps in TradFi
The fusion of traditional finance (TradFi) and blockchain is accelerating, spotlighted by Google Cloud's Universal Ledger (GCUL) and Nasdaq's tokenization proposal. Over recent years, major players have quietly embraced crypto tech, moving from concepts to near-global rollouts, signaling big tech's serious commitment beyond fleeting trends. In this series opener, I share my take on these innovations: GCUL: From an institutional view, blockchain adoption needs a robust on-chain foundation. Chains like Solana and Hedera pave the way for TradFi's shift to superior tech. USDT, now backed by the GENIUS Act, represents just 1% of USD circulation but proves blockchain's resilience. GCUL fills a gap as a neutral, plug-and-play ledger—think AWS for finance. It enables programmable, multi-currency DLT on private networks, simplifying asset management. Walmart could launch "Wal-coin" for seamless transactions, or Starbucks go on-chain. CME Group's 2026 rollout for RWA tokenization underscores TradFi's evolution to DLTs. Nasdaq’s Tokenization Plan: Nasdaq's SEC filing (SR-NASDAQ-2025-072) integrates tokenized equities and ETPs with traditional ones, using DTC for blockchain settlement. Securities can be traditional (non-blockchain digital) or tokenized, trading fungibly with same CUSIP and rights. As Chuck Mack states, it advances innovation while preserving stability. Through an Indian lens, this mirrors UPI's digital prowess. If NSE/BSE adopt, it could revolutionize access, enabling T+0 settlements and cutting intermediaries, aligned with PMLA and SEBI norms.