By Uber has completed a blockchain-based corporate treasury pilot designed to keep surplus cash invested in yield-bearing assets while allowing funds to be accessed around the clock, including weekends and outside traditional banking hours. The initiative, announced on October 30, 2026, involved HSBC, Franklin Templeton, Tradeweb Markets and Fireblocks, with transactions executed on the Canton Network. The pilot demonstrated how corporate treasurers could purchase tokenized money market fund shares using tokenized bank deposits and subsequently redeem those investments when cash was required for operational payments. The companies said the arrangement could reduce the amount of uninvested cash businesses maintain to meet short-term obligations.
Unlike conventional cryptocurrency investment strategies, the pilot did not involve purchasing Bitcoin or other volatile digital assets. Instead, it used blockchain infrastructure to manage regulated financial instruments and commercial bank deposits. The participants did not disclose the amount invested, the monetary returns generated or a timetable for commercial deployment.
Tokenized Funds Enable Weekend Redemptions
During the pilot, Uber used HSBC Tokenized Deposits to purchase shares in a Franklin Templeton tokenized money market fund through Tradeweb’s institutional trading infrastructure. Fireblocks provided digital wallet technology, while Canton Network supported transaction processing and settlement. The system employed delivery-versus-payment settlement, allowing the transfer of fund shares and the corresponding payment to occur together. This mechanism reduces settlement risk by preventing one party from completing its transfer without the corresponding transaction being executed. The pilot also demonstrated the ability to redeem part of the fund holdings over a weekend, when traditional money market fund dealing and banking settlement services are generally restricted.
Conventional treasury operations frequently require businesses to liquidate investments before market closing times or maintain additional cash reserves to meet payments outside banking hours. These constraints can leave capital in lower-yielding accounts even when short-term investment opportunities are available. By enabling continuous settlement, the participating companies demonstrated how businesses could remain invested for longer without necessarily sacrificing access to working capital.
The arrangement also incorporated controls restricting redemption proceeds to verified corporate bank accounts. HSBC’s tokenized deposits represent claims on commercial bank money rather than independently issued cryptocurrency stablecoins. The companies emphasized that the system integrates existing institutional financial products rather than replacing them with unregulated digital assets.
Corporate Treasury Emerges as Institutional Blockchain Use Case
Uber’s participation illustrates growing interest in applying tokenization to routine corporate finance operations. Odette Rodrigues, Uber’s vice president of corporate finance, treasury and capital markets, said continuous liquidity access could help the company optimize returns while meeting payment obligations. She described the demonstration as an initial step toward a more efficient model for managing working capital around the clock. For multinational companies operating across time zones, delayed settlement can create liquidity requirements that extend beyond normal domestic banking hours. Tokenized deposits and investment funds could potentially reduce these constraints by allowing investment and payment transactions to operate within connected infrastructure. Franklin Templeton has already developed blockchain-based fund infrastructure through its Benji platform, while HSBC has been expanding its tokenized deposit capabilities. Tradeweb’s involvement connects the pilot with established institutional trading workflows, and Fireblocks provides transaction authorization and wallet controls. The Canton Network, designed for institutional financial applications, supports interoperability between regulated financial systems while maintaining transaction privacy.
However, the demonstration does not establish that the model can immediately replace conventional corporate treasury arrangements. Commercial deployment would require operational integration, regulatory compliance, sufficient liquidity and reliable settlement arrangements across participating institutions. The companies have not disclosed transaction volumes or independently quantified the financial savings achieved during the test. Nevertheless, the pilot provides a practical example of blockchain adoption focused on financial efficiency rather than cryptocurrency speculation. Its longer-term significance will depend on whether continuous tokenized settlement can deliver measurable benefits at commercial scale.