CoinDesk
Uber tested a blockchain-based treasury system with HSBC, Franklin Templeton, Tradeweb and Fireblocks on the Canton Network. The pilot let Uber buy tokenized money market fund shares using tokenized HSBC deposits, then redeem holdings outside traditional market hours, including over a weekend.
The setup used delivery-versus-payment settlement, so the fund tokens and payment moved together. The trial aimed to show how companies could keep more cash invested while still accessing it for payments when needed.
Why it matters
Large companies often hold extra cash in bank accounts because payments may be due at night or on weekends, when accessing investments can take time. That can leave funds earning less than they might in short-term investments. The pilot combined fund shares and commercial bank money on one network to address that timing gap.
Uber’s vice president of corporate finance, treasury and capital markets, Odette Rodrigues, said the approach could give the company more flexibility to optimize yield while meeting payment obligations and reduce the need for liquidity buffers. She described the pilot as an early step toward a 24/7 working-capital model.
Market impact
The test connects tokenized money market fund shares with tokenized bank deposits, with Tradeweb handling the purchase and Fireblocks providing wallet infrastructure. It remains a pilot, not a reported full-scale treasury deployment.
For financial institutions and corporate treasurers, the use case is practical: tokenized assets could make it easier to keep cash in yield-bearing investments and access it for payments beyond standard market hours. The next measure of progress is whether the model moves beyond a pilot into routine corporate cash management.
Frequently asked questions
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How did Uber use tokenized assets in the treasury pilot?
Uber used tokenized HSBC bank deposits to purchase shares in Franklin Templeton’s tokenized money market fund through Tradeweb. Fireblocks provided wallet infrastructure.
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Could Uber access its investment outside traditional market hours?
Yes. The pilot allowed Uber to redeem holdings outside traditional market hours, including over a weekend.
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What did delivery-versus-payment settlement do in the test?
It made the fund tokens and payment move together, reducing the risk of one side completing without the other.
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Why could tokenized cash management matter to corporate treasuries?
Companies may hold extra cash for payments due at night or on weekends. Tokenized funds and deposits could help keep more cash invested while preserving access when payments are needed.
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Has Uber put the system into full-scale use?
No. The initiative was a pilot demonstrating a possible approach to round-the-clock cash management.
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