Uber has tested a blockchain-based system that allows it to earn additional returns on corporate cash over weekends, when traditional markets are closed. The pilot involved HSBC, Franklin Templeton, Tradeweb and Fireblocks. It allowed Uber to buy tokenized money market fund shares on Thursday and sell them on Sunday, earning about 1.5 additional days of yield.
The trial used HSBC tokenized deposits to purchase shares in a Franklin Templeton money market fund through infrastructure supported by Canton Network. The arrangement demonstrated how companies could manage surplus cash outside traditional banking hours.
HSBC’s head of payments, Manish Kohli, said other US clients are already using the capability. Fireblocks CEO Michael Shaulov expects hundreds of companies to adopt similar solutions within the next 18 months.
Meanwhile, HSBC launched its Hong Kong dollar-backed RedCoin for PayMe users on October 23. Franklin Templeton also introduced two Nasdaq-listed ETFs combining US equities with Bitcoin exposure on October 29.
