{"id":476,"date":"2025-09-10T14:56:18","date_gmt":"2025-09-10T14:56:18","guid":{"rendered":"https:\/\/matlani.in\/?p=476"},"modified":"2025-09-10T16:05:50","modified_gmt":"2025-09-10T16:05:50","slug":"crypto-trends-1-gcul-and-nasdaq-the-next-steps-in-tradfi","status":"publish","type":"post","link":"https:\/\/matlani.in\/?p=476","title":{"rendered":"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi"},"content":{"rendered":"\n

<\/p>\n\n\n\n

The convergence of traditional finance (TradFi<\/a>) and blockchain technology has reached a pivotal moment with two groundbreaking developments: Google Cloud Universal Ledger (GCUL)<\/a> and Nasdaq’s ambitious tokenization proposal<\/a>. Perhaps, in a span of past few years, these announcements and trajectories that are being silently adopted by major players have strengthened the crypto theme again. Since most of this is now beyond ideation, and seemingly just at the stage before global roll-outs, the big-tech\u2019s intent to embrace crypto is not just a fad moment with such serious tech side commitments coming in.<\/p>\n\n\n\n

This is the first part in Crypto Trends series; in this blog I pen down my opinions on GCUL and Nasdaq\u2019s Tokenization plan:<\/p>\n\n\n\n

GCUL<\/span><\/strong><\/p>\n\n\n\n

From an institutional lens, deploying any activity on a blockchain based ledger, requires a fundamental on-chain which can implement the required necessitation. For instance, Solana has been an upcoming chain for tokenization, and Hedera has been a leading project for institutional transition to TradFi instead of DeFi, basically, without questioning whether finance should be decentralized or centralized, the core technology is undisputed for its supremacy over legacy technology, thereby, traditional finance moving to blockchain.<\/p>\n\n\n\n

For instance, US Dollar Tether (USDT) is merely a pegged stablecoin (now blessed with GENIUS Act<\/a>), which constitutes 1% of the US Dollar in circulation. Keeping aside the hype and fad of Bitcoin or Ethereum or other coins \u2013 whether meme or serious, the technology has proven itself and stood the test of time.<\/p>\n\n\n\n

With this, the major gap in market, which was also the need and central idea behind Hedera<\/a> is \u2013 one big neutral tech player to run the show. Institutions and organizations intending to adopt to digital money and currencies, and wallets, would require a neutral player, which can be used as a plug-and-play solution to run their finances on. To draw an analogy, instead of maintaining own servers, the way AWS came in to provide Infrastructure-as-a-Service, GCUL would chip in to provide the backbone for running your own financial network, parallel to the central system. For instance, Wal-mart could come up with its \u201cWal-coin\u201d, where in transactions, cash-backs, refunds, gift cards and everything could run on its own coin network, companies like Starbucks, which have a huge network of its own, practically often being dubbed as \u201cbank\u201d, would able to take their system on-chain on cloud.<\/p>\n\n\n\n

In essence – GCUL is a programmable, multi-currency, distributed ledger designed to be easy to integrate and use for institutions in traditional finance. It would simplify the management of accounts and assets and facilitates transfers on a private and permissioned network. This collaborative platform empowers participants to leverage their core capabilities and launch services that meet the evolving demands and enhance the experiences of their clients.<\/p>\n\n\n\n

Experimentation with CME Group<\/a><\/em><\/p>\n\n\n\n

CME Group runs the world\u2019s largest derivatives exchanges, and is intending to use GCUL for tokenization of real-world assets on-chain, and would roll out their DLT based system by 2026, a detailed perspective on what Nasdaq intends to do, would further show that the traditional markets, which transitioned from ring, to automated trading, would further move to DLTs.<\/p>\n\n\n\n

Nasdaq\u2019s Tokenization Plan<\/span><\/strong><\/p>\n\n\n\n

Building on this momentum, Nasdaq’s recent SEC filing<\/a> seeking nod for tokenization \u2014marks a bold stride toward mainstreaming tokenized securities within the established TradFi ecosystem. Essentially, the proposal amends Nasdaq’s rules to allow equity securities and exchange-traded products (ETPs) to be traded in tokenized form, seamlessly integrated with their traditional counterparts.<\/p>\n\n\n\n

As per the filing, a \u201csecurity\u201d can now exist in either traditional form (a digital representation of ownership and rights, but without utilizing distributed ledger (‘blockchain’ technology)) or tokenized form (a digital representation of ownership and rights which utilizes blockchain technology).<\/p>\n\n\n\n

Nasdaq has stated that their goal is to integrate digital assets into Nasdaq\u2019s current infrastructure and systems, which will advance financial innovation while maintaining stability, fairness, and investor protection.<\/p>\n\n\n\n

The mechanics are straightforward yet revolutionary\u2014participants flag their preference for tokenization upon order entry, and Nasdaq relays this to the Depository Trust Company (DTC), which handles the backend clearing and settlement on blockchain. If DTC can’t process it, alternatives kick in, all under existing rules. This isn’t about reinventing the wheel; it’s about upgrading it without halting the ride.<\/p>\n\n\n\n

Peering through an Indian lens, this development could resonate deeply in a market that’s no stranger to fintech leaps but grapples with crypto’s regulatory shadows. India’s Unified Payments Interface (UPI) has already (sort of) tokenized everyday transactions in a sense, enabling seamless digital flows without blockchain hype, processing billions monthly.<\/p>\n\n\n\n

Imagine if the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) mirrored this: tokenizing rupee-denominated equities could democratize access for India’s burgeoning retail investor base, much like how Demat accounts revolutionized shareholding in the 90s. This would eliminate the need for many market intermediaries, like those engaged in clearing, settlement, depositories,  custodians, and seamlessly make T+0 a concept of past, and settle the trade and securities within seconds.<\/p>\n\n\n\n

Ultimately, Nasdaq’s move underscores that TradFi isn’t resisting blockchain\u2014it’s co-opting it responsibly. Paired with GCUL’s infrastructure play, these initiatives signal a maturing landscape where big players aren’t just dipping toes but diving in, paving the way for a hybrid future. In the next installment of this series, I’ll explore how real-world asset (RWA) tokenization is reshaping commodities and beyond. Stay tuned.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.
\nIn this series opener, I share my take on these innovations:
\nGCUL: 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\u2014think 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.
\nNasdaq\u2019s 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.
\nThrough 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.<\/p>\n","protected":false},"author":1,"featured_media":492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,1],"tags":[],"class_list":["post-476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-uncategorized"],"acf":[],"yoast_head":"\nCrypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi - Varun Matlani<\/title>\n<meta name=\"description\" content=\"Explore crypto Nasdaq tokenisation and how it impacts digital assets and traditional markets in today's financial landscape.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/matlani.in\/?p=476\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi\" \/>\n<meta property=\"og:description\" content=\"The fusion of traditional finance (TradFi) and blockchain is accelerating, spotlighted by Google Cloud's Universal Ledger (GCUL) and Nasdaq's tokenization proposal. 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CME Group's 2026 rollout for RWA tokenization underscores TradFi's evolution to DLTs.Nasdaq\u2019s 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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/matlani.in\/?p=476\" \/>\n<meta property=\"og:site_name\" content=\"Varun Matlani\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-10T14:56:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-10T16:05:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Varun Matlani\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi\" \/>\n<meta name=\"twitter:description\" content=\"The fusion of traditional finance (TradFi) and blockchain is accelerating, spotlighted by Google Cloud's Universal Ledger (GCUL) and Nasdaq's tokenization proposal. 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If NSE\/BSE adopt, it could revolutionize access, enabling T+0 settlements and cutting intermediaries, aligned with PMLA and SEBI norms.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varun Matlani\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476\"},\"author\":{\"name\":\"Varun Matlani\",\"@id\":\"https:\\\/\\\/matlani.in\\\/#\\\/schema\\\/person\\\/cb8a891be76391d2647136a8e7b08be8\"},\"headline\":\"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi\",\"datePublished\":\"2025-09-10T14:56:18+00:00\",\"dateModified\":\"2025-09-10T16:05:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476\"},\"wordCount\":910,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/matlani.in\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\",\"articleSection\":[\"Crypto\\\/TradFi\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/matlani.in\\\/?p=476#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476\",\"url\":\"https:\\\/\\\/matlani.in\\\/?p=476\",\"name\":\"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi - Varun Matlani\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/matlani.in\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\",\"datePublished\":\"2025-09-10T14:56:18+00:00\",\"dateModified\":\"2025-09-10T16:05:50+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/#\\\/schema\\\/person\\\/cb8a891be76391d2647136a8e7b08be8\"},\"description\":\"Explore crypto Nasdaq tokenisation and how it impacts digital assets and traditional markets in today's financial landscape.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/matlani.in\\\/?p=476\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#primaryimage\",\"url\":\"https:\\\/\\\/matlani.in\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/matlani.in\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg\",\"width\":2560,\"height\":1600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/matlani.in\\\/?p=476#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/matlani.in\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/matlani.in\\\/#website\",\"url\":\"https:\\\/\\\/matlani.in\\\/\",\"name\":\"Varun Matlani\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/matlani.in\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/matlani.in\\\/#\\\/schema\\\/person\\\/cb8a891be76391d2647136a8e7b08be8\",\"name\":\"Varun Matlani\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g\",\"caption\":\"Varun Matlani\"},\"description\":\"Securities Lawyer & Fund Formation Counsel Advocate, Bar Council of Maharashtra & Goa Gujarat National Law University; ICAI Areas of Expertise - Securities Law, Alternative Investment Funds, Direct Tax & Transfer Pricing, Life Sciences & Medical Laws, Insolvency. 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CME Group's 2026 rollout for RWA tokenization underscores TradFi's evolution to DLTs.Nasdaq\u2019s 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.","twitter_image":"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg","twitter_misc":{"Written by":"Varun Matlani","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/matlani.in\/?p=476#article","isPartOf":{"@id":"https:\/\/matlani.in\/?p=476"},"author":{"name":"Varun Matlani","@id":"https:\/\/matlani.in\/#\/schema\/person\/cb8a891be76391d2647136a8e7b08be8"},"headline":"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi","datePublished":"2025-09-10T14:56:18+00:00","dateModified":"2025-09-10T16:05:50+00:00","mainEntityOfPage":{"@id":"https:\/\/matlani.in\/?p=476"},"wordCount":910,"commentCount":0,"image":{"@id":"https:\/\/matlani.in\/?p=476#primaryimage"},"thumbnailUrl":"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg","articleSection":["Crypto\/TradFi"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/matlani.in\/?p=476#respond"]}]},{"@type":"WebPage","@id":"https:\/\/matlani.in\/?p=476","url":"https:\/\/matlani.in\/?p=476","name":"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi - Varun Matlani","isPartOf":{"@id":"https:\/\/matlani.in\/#website"},"primaryImageOfPage":{"@id":"https:\/\/matlani.in\/?p=476#primaryimage"},"image":{"@id":"https:\/\/matlani.in\/?p=476#primaryimage"},"thumbnailUrl":"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg","datePublished":"2025-09-10T14:56:18+00:00","dateModified":"2025-09-10T16:05:50+00:00","author":{"@id":"https:\/\/matlani.in\/#\/schema\/person\/cb8a891be76391d2647136a8e7b08be8"},"description":"Explore crypto Nasdaq tokenisation and how it impacts digital assets and traditional markets in today's financial landscape.","breadcrumb":{"@id":"https:\/\/matlani.in\/?p=476#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/matlani.in\/?p=476"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/matlani.in\/?p=476#primaryimage","url":"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg","contentUrl":"https:\/\/matlani.in\/wp-content\/uploads\/2025\/09\/arthur-mazi-vFhsyAMbHkE-unsplash-scaled.jpg","width":2560,"height":1600},{"@type":"BreadcrumbList","@id":"https:\/\/matlani.in\/?p=476#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/matlani.in\/"},{"@type":"ListItem","position":2,"name":"Crypto Trends #1: GCUL and Nasdaq \u2013 the next steps in TradFi"}]},{"@type":"WebSite","@id":"https:\/\/matlani.in\/#website","url":"https:\/\/matlani.in\/","name":"Varun Matlani","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/matlani.in\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/matlani.in\/#\/schema\/person\/cb8a891be76391d2647136a8e7b08be8","name":"Varun Matlani","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ad03eb2423d30c16f00b649c50e57a5ae8f667a2dd0799604727481b8b1b96a4?s=96&d=mm&r=g","caption":"Varun Matlani"},"description":"Securities Lawyer & Fund Formation Counsel Advocate, Bar Council of Maharashtra & Goa Gujarat National Law University; ICAI Areas of Expertise - Securities Law, Alternative Investment Funds, Direct Tax & Transfer Pricing, Life Sciences & Medical Laws, Insolvency. 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