Uber Completes Blockchain Treasury Pilot With HSBC, Franklin Templeton

Uber completed a corporate treasury pilot using blockchain settlement to move funds from bank deposits into tokenized money-market fund shares. HSBC Bank USA, Franklin Templeton, Tradeweb Markets and Fireblocks announced the pilot Oct. 30.

Uber used HSBC Tokenized Deposits to buy Franklin Templeton money-market fund shares through Tradeweb. Transactions settled on Canton through Fireblocks using delivery-versus-payment, which links the transfer of an asset with its payment.

The pilot demonstrated that Uber could liquidate part of its fund holdings over a weekend while continuing to earn yield during the investment lifecycle.

“This pilot is an important first step in our journey towards a more efficient, 24/7 model for managing our working capital,” said Odette Rodrigues, Uber’s vice president of corporate finance, treasury and capital markets.

HSBC Tokenized Deposits represent deposit liabilities of HSBC Bank USA and are insured by the Federal Deposit Insurance Corp. up to applicable limits. The money-market fund shares are not bank accounts and are not FDIC-insured. The fund’s $1-per-share objective is not guaranteed, and investors could lose money.