Overview
- In a recent pilot, Uber used HSBC’s tokenized bank deposits to buy a Franklin Templeton tokenized money market fund and later sold the holding after the weekend, keeping cash invested through the market closure and earning about 1.5 extra days of yield.
- HSBC issued the tokenized deposits that funded the purchase while Franklin Templeton supplied the tokenized fund and infrastructure firms Canton, Tradeweb and Fireblocks supported liquidity, custody and settlement for the trade.
- HSBC said the pilot proves technical readiness and plans to make the service available to eligible U.S. corporate customers and to add more investment options.
- Key details were not disclosed: the amount Uber invested and the dollar value of the extra earnings remain unknown, and broader rollout depends on scaling, operational processes and regulatory clarity.
- Tokenized deposits are ledger‑based claims on the issuing bank rather than third‑party stablecoins, and if adopted more widely they could let corporate treasuries keep cash invested across non‑trading windows and change how companies manage short‑term liquidity.