Uber tests weekend cash management using blockchain tokenization pilot
Uber tested investing corporate treasury funds over a weekend by deploying HSBC tokenized deposits into a Franklin Templeton tokenized money market fund across the Canton Network.
Uber has tested putting idle corporate cash to work outside traditional market hours, using blockchain technology to generate yields over a weekend, according to reporting from Bloomberg.[1][3][4][5]
In the pilot, the ride-hailing company deployed HSBC tokenized deposits to purchase a Franklin Templeton tokenized money market fund on Thursday and sold it on Sunday, capturing roughly 1.5 additional days of yield. The liquidity and settlement test was carried out on Tradeweb using delivery-versus-payment settlement facilitated by Fireblocks, with settlement conducted on the Canton Network.[1][2][4]
The trial allowed Uber to keep corporate balances earning returns while maintaining access to cash for payments even when regular banking markets were closed. It represents another step into digital assets for Uber, which previously participated in Meta's unlaunched Diem stablecoin venture and has explored stablecoins to lower currency expenses.[3][4]
Corporate and Wall Street interest in tokenized financial instruments has been accelerating through institutional trials. Bloomberg reported that around 40 firms recently conducted a separate test trading tokenized stocks and Treasuries, as well as posting collateral and meeting margin calls. Even so, data from RWA.xyz shows that only about $40 billion in real-world assets has been tokenized so far, remaining a minor fraction of traditional markets.[3]
Key facts
- Uber tested using HSBC tokenized deposits to buy a Franklin Templeton tokenized money market fund on Thursday and sell it on Sunday, capturing about 1.5 extra days of yield.
- The transactions occurred on Tradeweb through delivery-versus-payment settlement facilitated by Fireblocks and settled on the Canton Network.
- The pilot allowed Uber to remain invested in money market instruments while accessing funds for payments during weekend hours.
- Uber previously participated in Meta's abandoned Diem stablecoin initiative and has evaluated using stablecoins for payment settlements to lower foreign exchange costs.
- Approximately $40 billion in assets has been tokenized to date according to data from RWA.xyz.
- About 40 firms recently tested trading tokenized equities and Treasuries, as well as managing margin calls and collateral, according to Bloomberg.
Sources · 5 sources
- CB
Crypto Banter@crypto_banterPost on X ·
🚨UBER USED A PUBLIC BLOCKCHAIN TO INVEST CORPORATE CASH OVER THE WEEKEND! @Uber used HSBC tokenized deposits on a public blockchain to buy a @FranklinTempleton tokenized money market fund on Thursday and sell it on Sunday, capturing roughly 1.5 extra days of yield, per @Bloomberg. The pilot, which also involved Tradeweb and Fireblocks with settlement on the @CantonNetwork, shows how tokenization can let companies earn returns outside traditional market hours.
Open source - CN
crypto.news@cryptodotnewsPost on X ·
BREAKING: Uber completes its first blockchain pilot using the Canton Network The pilot tested liquidity and settlement, with Uber using HSBC Tokenized Deposits to purchase Franklin Templeton tokenized money market funds on Tradeweb through delivery-versus-payment transactions facilitated by Fireblocks.
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X ·
NEW: @Uber used a public blockchain to invest its corporate cash over a weekend, capturing higher returns than it would have with markets closed, per @business. It was a test with @HSBC tokenized deposits and a @FranklnTempletn tokenized money market fund. This isn't Uber's first foray into the tech, as it was a part of Meta's Diem stablecoin project, which never launched, and it has looked at using stablecoins for payments to cut currency costs. At a high level, it's one of many pilots as Wall Street tests tokenized securities, cash and bonds. About 40 firms recently traded stocks and Treasuries, posted collateral and met margin calls in another test, Bloomberg reported. Still, only about $40B in assets has been tokenized to date per @RWA_xyz, which is a small fraction compared with traditional markets.
Open source - CO
CoindeskArticle ·
Uber tests how tokenization can put idle cash to work with HSBC, Franklin Templeton The pilot let Uber keep funds invested in money market products while accessing cash for payments, even on weekends.
Open source - BL
Bloomberg@businessPost on X ·
The ride-hailing company Uber used a public blockchain to invest its corporate funds in a way that allowed the company to capture higher returns by trading on a weekend — a setup expected to be adapted by a growing number of companies https://t.co/fV2uEjbSmP
Open source