Uber Tests Blockchain Cash Pilot With HSBC and Franklin Templeton

Uber has tested a blockchain-based investment with HSBC and Franklin Templeton that earned an extra 1.5 days of yield by keeping corporate cash invested through part of the weekend, according to CryptoNews.

Weekend Treasury Pilot

According to Bloomberg, Uber used HSBC's tokenized deposits to buy a Franklin Templeton tokenized money market fund on Thursday and sold the investment on Sunday. Tradeweb and Fireblocks participated in the transaction alongside the bank and asset manager.

Having bought the fund on a Thursday, Uber sold its investment on Sunday, earning an additional 1.5 days of yield compared with the conventional treasury process, where companies liquidate investments before markets close on Friday. The transaction captured extra yield from the time cash remained invested, rather than a 1.5% return or a higher annual interest rate.

Infrastructure and Future Access

HSBC supplied tokenized bank deposits for the purchase, while Canton supported liquidity and settlement for the pilot. Tokenized deposits represent claims against the commercial bank issuing them and differ from stablecoins, which rely on separate reserve portfolios.

HSBC plans to extend access to the investment service for U.S. corporate customers and offer choices beyond Franklin Templeton's products. Fireblocks CEO Michael Shaulov expects hundreds of companies to adopt similar models within 18 months, though Uber's transaction remains a pilot.

Key facts

• Uber bought a tokenized money market fund on Thursday and sold it on Sunday.
• The transaction earned 1.5 extra days of yield by keeping cash invested through part of the weekend.
• HSBC supplied tokenized bank deposits for the purchase.
• Franklin Templeton supplied the tokenized money market fund.
• Canton facilitated liquidity and settlement for the pilot.