Uber pilots tokenized cash management with HSBC and Franklin Templeton

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Uber tokenized cash management

Highlights

Uber, HSBC, Franklin Templeton, Tradeweb, and Fireblocks completed a Canton Network pilot to test tokenized assets for 24/7 treasury operations.
Uber used HSBC's tokenized bank deposits to buy and redeem Franklin Templeton's tokenized money market fund shares, settling transactions together even over weekends.
The project demonstrates that tokenization could enable companies to maximize returns on cash reserves while maintaining instant liquidity, reducing the need for idle balances.

Tokenized treasury pilot on Canton Network

As reported by CoinDesk, Uber completed a pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks on Canton Network to test whether tokenized assets can support round-the-clock treasury operations. The project is designed to show how companies can earn more on cash reserves while still being able to access liquidity for payment needs.

In the test, Uber used HSBC's tokenized bank deposits to buy Franklin Templeton's tokenized money market fund shares through Tradeweb, while Fireblocks provided wallet infrastructure. Uber also redeemed part of its holdings over a weekend, with the transactions settling together on the network.

The pilot combined tokenized fund shares with commercial bank money represented by HSBC deposits. Trades used delivery-versus-payment settlement, meaning the fund tokens and the payment moved at the same time, reducing the risk that only one side of the transaction completes.

Potential impact on corporate liquidity management

Large companies often face a trade-off between keeping cash available for payments and investing it in short-term products that generate better returns. When payments may be needed at night or on weekends, treasurers often leave larger balances idle in bank accounts rather than risk delays in accessing invested funds.

Tokenization could help narrow that gap by allowing investments and payments to settle on the same network. That may let companies keep more funds in yield-bearing instruments for longer and draw on them when needed, reducing the need to maintain large liquidity buffers.

Odette Rodrigues, Uber's vice president of corporate finance, treasury and capital markets, says always-on access to cash and more efficient use of liquidity are becoming increasingly important for the business. She says the pilot is a first step toward a more efficient 24/7 model for managing working capital, though the system remains at the pilot stage.

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