Uber tests how tokenization can put idle cash to work with HSBC, Franklin Templeton
Source: CoinDesk ·
From the source
The pilot let Uber keep funds invested in money market products while accessing cash for payments, even on weekends. Ride-hailing giant Uber tested a way to keep its corporate cash earning yield around the clock while still having it available for payments, using tokenized funds and bank deposits on the Canton Network. The ride-hailing giant completed a pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks, the companies said in a Friday press release shared with CoinDesk, demonstrating how corporate treasurers could invest and access cash outside traditional market hours. In the test, Uber used HSBC's tokenized bank deposits to purchase Franklin Templeton's tokenized money market fund shares through Tradeweb, with Fireblocks providing wallet infrastructure. Uber could also redeem part of its holdings, including over a weekend, with the transactions settling together on the Canton Network CC $0.09602 . The initiative aimed to tackle a practical problem for large companies:…