Uber Technologies Inc. executed a pilot transaction using HSBC tokenized deposits and Canton Network blockchain infrastructure to purchase a Franklin Templeton money market fund. By holding the digital asset past traditional Friday market close times and liquidating on Sunday, Uber captured an additional 1.5 days of yield on its corporate reserves. HSBC plans to offer 24/7 tokenized treasury capabilities to U.S. corporate clients, while Fireblocks executives project hundreds of multinationals will adopt weekend yield models within 18 months.
Uber's weekend treasury pilot
- ▪By selling a tokenized money market fund on Sunday rather than Friday, Uber Technologies Inc. earned an additional 1.5 days of yield on its corporate cash reserves.
- ▪Uber Technologies Inc. participated in a pilot program with HSBC, Franklin Templeton, Fireblocks, and Tradeweb Markets using tokenized bank deposits on the Canton Network to trade corporate funds over the weekend.
- ▪The dollar value of the cash invested by Uber Technologies Inc. and its resulting additional earnings were not disclosed.
- ▪Traditional treasury operations require companies to liquidate money market investments before financial markets close on Friday, leaving corporate cash idle over the weekend.
HSBC's tokenized deposit Service
- ▪HSBC plans to make its tokenized deposit service available to eligible U.S. corporate customers and expand available investment choices beyond Franklin Templeton products.
- ▪HSBC's Tokenised Deposit Service is live across Hong Kong, Singapore, Luxembourg, the United Kingdom, the United States, and the United Arab Emirates.
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