Uber pilots a 24/7 tokenized treasury with HSBC, Franklin Templeton, Tradeweb and Fireblocks

Uber has tested a blockchain-based treasury system that keeps corporate cash earning yield around the clock while leaving it available for payments. In the pilot, Uber used HSBC's tokenized bank deposits to buy shares of Franklin Templeton's tokenized money market fund through Tradeweb, with Fireblocks providing the wallet infrastructure. It ran on the Canton Network.

Trades settled on a delivery-versus-payment basis, so the fund tokens and the payment moved together. Uber could also redeem part of its holdings, including over a weekend. No amounts were disclosed.

Odette Rodrigues, Uber's vice president of corporate finance, treasury and capital markets, called the pilot an important first step toward a more efficient 24/7 model for managing working capital. The system remains a pilot.

The read: linking a deposit token and a fund token in one settlement is what makes weekend cash management possible.