Key Takeaways
- • Uber tested a blockchain-based cash management arrangement with HSBC and Franklin Templeton that allowed funds to be withdrawn on weekends, according to IDNFinancials citing Crypto.news.
- • The test delivered an additional 1.5 days of yield compared with withdrawing funds before Friday's market close; this is a scenario comparison, not an annual yield rate or dollar profit.
- • Uber used tokenized HSBC deposits to buy units of Franklin Templeton's tokenized money market fund via Tradeweb, with settlement on the Canton Network supported by Fireblocks.
- • The test used delivery-versus-payment settlement, with fund units and payment settled synchronously; the value of funds used and cost comparisons were not disclosed.
- • The announcement did not disclose the number of commercial users or transaction volumes, so the service's broader availability remains unproven.
Summary
Uber Technologies Inc (UBER) tested blockchain-based cash management with HSBC and Franklin Templeton, enabling the company to withdraw invested funds on a weekend. According to IDNFinancials, quoting Crypto.news on Friday (30/10), the test transaction provided an additional 1.5 days of yield compared with scenarios in which funds were withdrawn before the market closed on Friday.
According to a Canton Network announcement, Uber used tokenized HSBC deposits to purchase units of Franklin Templeton's tokenized money market fund through Tradeweb. Settlement took place on the Canton Network with Fireblocks technology support. In the test, Uber bought fund units on Thursday and redeemed part of its holdings on Sunday, allowing funds to remain invested longer before being needed for operational payments.
The 1.5-day figure reflects a comparison of test scenarios and is not an annual yield percentage or a dollar profit. The value of funds used in the experiment was not specified. The transaction used a delivery-versus-payment scheme, in which transfer of fund units and payment settle synchronously to reduce counterparty delivery risk.
Uber's Vice President of Corporate Finance, Treasury, and Capital Markets, Odette Rodrigues, said 24/7 cash access is increasingly important for companies, calling the test "a first step towards more efficient 24/7 working capital management." HSBC's Global Head of Payments Solutions, Manish Kohli, said the trial demonstrated that HSBC's tokenized deposits on Canton can enable delivery-versus-payment settlement. HSBC noted that the tokens represent bank deposit obligations in verified company accounts, while money market fund units carry investment risks that differ from bank deposits. Franklin Templeton's Director of Liquidity Distribution, Matt Jones, said linking tokenized investment products with bank deposits is an important step for institutional treasury operations.
The announcement does not establish that the service is available to all companies, and it did not include the number of commercial users, transaction volumes, or cost comparisons against conventional systems. IDNFinancials also noted a separate October 2026 test by HSBC and Ant Digital Technologies of AI-agent micro-payments using tokenized deposits; that test was conducted in a test environment and differed from Uber's treasury experiment.
According to a Canton Network announcement, Uber used tokenized HSBC deposits to purchase units of Franklin Templeton's tokenized money market fund through Tradeweb. Settlement took place on the Canton Network with Fireblocks technology support. In the test, Uber bought fund units on Thursday and redeemed part of its holdings on Sunday, allowing funds to remain invested longer before being needed for operational payments.
The 1.5-day figure reflects a comparison of test scenarios and is not an annual yield percentage or a dollar profit. The value of funds used in the experiment was not specified. The transaction used a delivery-versus-payment scheme, in which transfer of fund units and payment settle synchronously to reduce counterparty delivery risk.
Uber's Vice President of Corporate Finance, Treasury, and Capital Markets, Odette Rodrigues, said 24/7 cash access is increasingly important for companies, calling the test "a first step towards more efficient 24/7 working capital management." HSBC's Global Head of Payments Solutions, Manish Kohli, said the trial demonstrated that HSBC's tokenized deposits on Canton can enable delivery-versus-payment settlement. HSBC noted that the tokens represent bank deposit obligations in verified company accounts, while money market fund units carry investment risks that differ from bank deposits. Franklin Templeton's Director of Liquidity Distribution, Matt Jones, said linking tokenized investment products with bank deposits is an important step for institutional treasury operations.
The announcement does not establish that the service is available to all companies, and it did not include the number of commercial users, transaction volumes, or cost comparisons against conventional systems. IDNFinancials also noted a separate October 2026 test by HSBC and Ant Digital Technologies of AI-agent micro-payments using tokenized deposits; that test was conducted in a test environment and differed from Uber's treasury experiment.
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