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.
Uber Tests Weekend Treasury Investing
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.
Related: Grayscale Executive Says Tokenization Needs Strong Legal Protections to Attract Investors
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.
Uber’s Digital Finance Plans Expand
Uber CEO Dara Khosrowshahi discussed stablecoins last year as a possible way to reduce international payment costs. However, the company was still exploring practical applications at the time.
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.
Related: XRPL Developers Target Token Authorization Gaps With New Proposals
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
