Uber Joins Blockchain Investment Pilot with HSBC, Franklin Templeton and Other Institutions

On October 30 that, according to Bloomberg, 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 to the traditional practice of exiting investments on Fridays before banks and markets close for the weekend, this trade allowed it to gain approximately 1.5 extra days of returns.

The pilot was conducted by HSBC in partnership with Franklin Templeton, Tradeweb, and Fireblocks, utilizing the Canton Network to provide liquidity and settlement. Fireblocks CEO Michael Shaulov stated that large amounts of idle cash exist during corporate payment gaps, and this model can boost interest income while maintaining fund availability. He expects that hundreds of companies will begin adopting this approach over the next 18 months.