Uber completed a corporate treasury pilot on the Canton Network alongside HSBC, Franklin Templeton, Tradeweb, and Fireblocks to manage idle cash reserves. Using HSBC tokenized deposits to buy Franklin Templeton money market fund shares on Thursday and selling them on Sunday, Uber earned an extra 1.5 days of yield outside traditional banking hours. Fireblocks expects hundreds of corporations to adopt similar tokenized treasury setups within 18 months.
Pilot details and execution mechanism
- ▪Uber Technologies Inc. completed a corporate treasury Canton Network pilot program using HSBC Holdings Plc tokenized bank deposits to purchase Franklin Templeton tokenized money market fund shares through Tradeweb Markets, with Fireblocks supplying wallet infrastructure
- ▪Transactions involving HSBC tokenized deposits and Franklin Templeton tokenized money market fund shares utilized delivery-versus-payment settlement on the Canton Network to execute fund and payment transfers simultaneously
Yield optimization and weekend cash yield
- ▪In a Canton Network pilot program with HSBC, Uber Technologies Inc. purchased Franklin Templeton tokenized money market fund shares on Thursday and redeemed them Sunday instead of Friday, generating 1.5 additional days of corporate cash yield
- ▪Corporate treasuries routinely hold uninvested cash buffers over weekends and night hours because traditional short-term funds cannot be instantly liquidated for off-hours payment obligations
- ▪Uber vice president of corporate finance Odette Rodrigues stated that 24/7 access to cash via tokenized settlement on the Canton Network reduces Uber's need to maintain large idle liquidity buffers
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