Uber Tests Tokenized Cash Management With HSBC and Franklin Templeton on Canton Network

Uber has completed a pilot that lets a large company keep its cash earning returns around the clock while still having it ready for payments. Working with HSBC, Franklin Templeton, Tradeweb and Fireblocks, the ride-hailing firm ran the test on the Canton Network, showing how corporate treasurers could invest and withdraw money outside normal market hours, including weekends.

How the Tokenized Treasury Pilot Worked

Uber used HSBC’s tokenized bank deposits to buy shares of Franklin Templeton’s tokenized money market fund through Tradeweb, while Fireblocks supplied the wallet technology. Uber could also redeem part of its holdings over a weekend. Both sides of each trade moved together through delivery versus payment settlement, which lowers the risk of one leg finishing without the other.

Why Corporate Treasuries Want Always-On Cash

Cash left in bank accounts usually earns less than money placed in short term funds, but pulling it out can take time. Because of that, firms that must pay bills at night or on weekends often hold extra idle cash. Odette Rodrigues, Uber’s vice president of corporate finance, treasury and capital markets, said the setup gives more flexibility to improve yield while meeting payment duties and reduces the need for large liquidity buffers. The system is still a pilot, but it hints at how tokenized funds and bank money could work together.