Tokenization · CoinDesk
Uber tests how tokenization can put idle cash to work with HSBC, Franklin Templeton
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Ride-hailing giant Uber tested a way to keep its corporate cash earning yield around the clock while still having it available for payments, using tokenized funds and bank deposits on the Canton Network.
Key facts
- This pilot is an important first step in our journey towards a more efficient, 24/7 model for managing our working capital,” Rodrigues said
- In the test, Uber used HSBC's tokenized bank deposits to purchase Franklin Templeton's tokenized money market fund shares through Tradeweb, with Fireblocks providing wallet infrastructure
- The pilot combined two types of tokenized assets: shares in Franklin Templeton's money market fund and HSBC deposits representing commercial bank money
- The ride-hailing giant completed a pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks, the companies said in a Friday press release shared with CoinDesk, demonstrating how corporate
Summary
Uber tested a blockchain-based treasury system with HSBC, Franklin Templeton, Tradeweb and Fireblocks on Canton Network. The pilot let Uber invest in tokenized money market funds and redeem holdings outside market hours, including weekends. The initiative aimed to shows how tokenization could help companies earn more on cash reserves without giving up access to funds for payments. The ride-hailing giant completed a pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks, the companies said in a Friday press release shared with CoinDesk, demonstrating how corporate treasurers could invest and access cash outside traditional market hours.