Uber Tests a Tokenized Treasury With HSBC and Franklin Templeton to Keep Idle Cash Earning

By Kevin · 2026-11-02 · News

Nov. 2 (CandyPulse) — For big companies, cash sitting idle over a weekend is money left on the table. Uber just tested a way to fix that with tokenization. In a pilot with HSBC and Franklin Templeton, Uber moved cash into a tokenized money market fund and back out again over a weekend, something traditional markets can't do because they close on Saturdays and Sundays.

Key takeaways

Uber used HSBC tokenized deposits to buy shares in a Franklin Templeton money market fund
The transactions ran on the Canton Network, with Tradeweb and Fireblocks involved
Uber redeemed part of its holding over a weekend, keeping cash productive while ready for payments
One report says the weekend holding added about 1.5 days of yield
This was a pilot: Uber hasn't said whether it will move to production

How the pilot worked

Step	What happened
1. Cash	Uber held cash as HSBC tokenized deposits
2. Invest	It used them to buy tokenized money market fund shares from Franklin Templeton
3. Network	Settlement ran on the Canton Network
4. Redeem	Part of the holding was redeemed over a weekend
5. Result	Cash kept earning yield while staying available for payments

The companies haven't shared the amount invested, the technical details or their regulatory analysis.

Why it matters

Corporate treasurers manage billions in short-term cash. Today, much of it sits idle when banks and fund markets are closed. Tokenized deposits and funds can move 24/7, so a company can earn yield on Friday night and still have cash ready for Monday's payments. If Uber, a household name, adopts this, others are likely to follow.

It fits a bigger trend we've been tracking: HSBC's RedCoin stablecoin, JPM Coin on Ethereum, BNY and Citadel's tokenized Treasury collateral and Wall Street's tokenization push.

What's next

Watch for Uber to say whether it will expand the pilot and for other big companies to run similar tests. More on our Tokenization & RWA page.

Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and can lose value. Always do your own research before making any investment decision.