Uber has completed a corporate treasury pilot that kept idle cash invested through part of a weekend. The company worked with HSBC, Franklin Templeton, Tradeweb, and Fireblocks, and Canton Network supplied liquidity and settlement. According to Bloomberg’s reporting as summarized by Benzinga, Uber bought a tokenized money market fund on a Thursday and sold it on Sunday. That timing captured roughly 1.5 additional days of yield compared with a standard Friday liquidation. The Uber tokenized treasury pilot is small in scale, but it tests a real problem that corporate finance teams face every week.
.@Uber completed a first-ever pilot of an onchain liquidity and settlement solution on Canton, a public network. Working with @HSBC, @FranklnTempletn, @Tradeweb and @FireblocksHQ, Uber liquidated part of its holdings, even on a weekend, while earning yield until disbursement. https://t.co/aXC0EDPyXO
— Canton Network (@CantonNetwork) October 30, 2026
What Uber Actually Tested
Uber paid for the purchase with HSBC tokenized deposits, which are digital claims on the bank’s own balance sheet. Those deposits bought shares in a Franklin Templeton tokenized money market fund. Uber then redeemed the position on Sunday and converted the proceeds back into cash. Notably, the whole cycle ran through a weekend, when traditional banking rails and fund transfer agents sit idle. Crypto.news points out that the 1.5 figure counts days of earnings and does not describe a higher annual rate. Neither Uber nor its partners have disclosed the amount invested or the dollar value of the extra yield. As a result, the pilot proves a mechanism, not a financial windfall.
How the Pieces Fit Together
Each participant covered a distinct layer of the transaction. HSBC supplied the cash leg through its tokenized deposits, and Franklin Templeton supplied the fund. According to TokenPost’s coverage, Uber bought the fund shares through Tradeweb, the electronic trading platform. Fireblocks then settled the trade on Canton using delivery versus payment, which links the transfer of the asset to its payment. Canton handled the onchain liquidity and settlement orchestration. However, sources differ slightly on the distribution path, and one outlet names a different venue than Tradeweb.
Why 1.5 Days of Yield Matters
Corporate treasurers usually sell money market positions before Friday’s cutoff, because they need cash available when markets and banks close. As a result, that cash earns nothing from Friday afternoon until Monday. Large companies hold enormous operating balances, so small gaps in yield add up across thousands of weekends. Tokenization attacks the gap directly, because a tokenized fund and a tokenized deposit can move at any hour. In addition, atomic settlement means the cash and the fund shares change hands at the same moment. That structure reduces the settlement risk that normally forces treasurers to keep a buffer.
The Infrastructure Behind the Pilot
Canton is a public network built for regulated institutions, with configurable privacy. HSBC ran an earlier tokenised deposit pilot on Canton in April 2026, simulating issuance, transfer, and atomic settlement. That test covered several currencies and did not involve a live client. Franklin Templeton also integrated its Benji platform with Canton in November 2025. Meanwhile, Tradeweb helped co-lead Canton’s $135 million strategic funding round alongside DRW. The Uber trade therefore combines pieces that each participant had already built, and it ties them to a corporate customer.
What Comes Next
HSBC plans to extend the capability to other U.S. corporate customers. The bank also intends to add investment options beyond Franklin Templeton’s fund. HSBC’s Manish Kohli said the pilot demonstrated technical readiness. Meanwhile, Fireblocks CEO Michael Shaulov expects hundreds of companies to adopt similar models within 18 months. That forecast remains a projection, and Uber’s trade remains a pilot. Importantly, Uber’s CEO Dara Khosrowshahi described the company’s interest in stablecoins as exploratory in June 2025, so this test marks a concrete step beyond that stance. Treasury teams now have a working example, and the next question is how many follow.
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