Uber Completes Weekend Tokenized Money Market Fund Transaction Supported by HSBC Tokenized Deposits
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AT A GLANCE
Uber participated in a blockchain corporate treasury pilot and traded a tokenized money market fund over the weekend, reportedly earning approximately 1.5 additional days of returns.
Article
Uber Participates in Blockchain Investment Pilot with HSBC, Franklin Templeton and Other Institutions
BlockBeats reported,October 30, according to Bloomberg, that Uber participated in a blockchain corporate treasury investment pilot, using HSBC tokenized deposits to purchase Franklin Templeton's tokenized money market fund on Thursday and sell it on Sunday. Compared with the traditional approach of exiting investments, typically on Friday, before banks and markets close for the weekend, the transaction generated approximately 1.5 additional days of returns.
The pilot was conducted by HSBC together with Franklin Templeton, Tradeweb, and Fireblocks, using Canton Network to provide liquidity and settlement. Fireblocks CEO Michael Shaulov stated that significant idle cash exists between corporate payments, and that this model can increase interest income while keeping funds available. He expects that hundreds of companies will begin adopting this model over the next 18 months.
Manish Kohli, HSBC's Global Head of Payments, stated that the pilot has demonstrated the technology is ready and can now be deployed and promoted to other clients in the United States. The parties will also explore adding investment options beyond Franklin Templeton.
Original link https://m.theblockbeats.info/flash/374729
Key points
01
BlockBeats, citing Bloomberg, said that Uber participated in a blockchain corporate treasury investment pilot.
02
Uber used HSBC tokenized deposits to purchase Franklin Templeton's tokenized money market fund on Thursday and sell it on Sunday.
03
The report stated that, compared with the traditional approach of typically exiting investments on Friday, the transaction enabled Uber to earn approximately 1.5 additional days of returns.
04
The pilot was conducted by HSBC together with Franklin Templeton, Tradeweb, and Fireblocks, using Canton Network to provide liquidity and settlement.
05
Fireblocks CEO Michael Shaulov expects that hundreds of companies will begin adopting this model over the next 18 months.
06
Manish Kohli, HSBC's Global Head of Payments, stated that the pilot has demonstrated the technology is ready and can be deployed and promoted to other clients in the United States.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This pilot connects bank deposits and money market funds through tokenization, allowing companies to buy and sell the relevant funds over the weekend. In the reported case, Uber bought on Thursday and sold on Sunday, thereby earning approximately 1.5 additional days of returns compared with the usual practice of exiting on Friday.
Why it matters to readers
The pilot indicates that tokenized deposits, funds, and blockchain settlement may be used to manage idle cash between corporate payments and increase interest income while keeping funds available.
For newcomers, the key point is that blockchain here is being used for corporate cash management and settlement, rather than solely for crypto-asset trading; however, this remains a pilot, and it cannot be taken to mean that the model has already been widely adopted.
Risks and unknowns
The information was cited by BlockBeats from Bloomberg; the evidence does not include original announcements from Uber, HSBC, or other participants.
No transaction amount, specific return amount, fees, compliance arrangements, or technical operating details were provided.
The statement that hundreds of companies will adopt this model over the next 18 months is Michael Shaulov's prediction and has not yet been verified.
Deployment and promotion to other clients in the United States, as well as the addition of investment options, are future plans; whether they will be implemented remains unknown.
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Related concepts
Tokenized Deposits
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