Uber Technologies has successfully completed a corporate treasury pilot that enabled the company to earn additional returns on idle cash over a weekend, when traditional financial markets are closed. The test, announced on October 30, 2026, involved HSBC Bank USA, Franklin Templeton, Tradeweb Markets and Fireblocks, with settlement handled on the Canton Network.

In the transaction, Uber used HSBC Tokenized Deposits to purchase shares in a Franklin Templeton tokenized money market fund through Tradeweb. The company bought the fund on a Thursday and sold part of its holdings on a Sunday. This approach generated approximately 1.5 additional days of yield compared with conventional treasury practices, in which firms typically liquidate investments before markets close on Friday.

How the On-Chain Settlement Worked

The pilot demonstrated an always-on liquidity and settlement solution. HSBC Tokenized Deposits, which represent deposit liabilities of HSBC Bank USA and carry Federal Deposit Insurance Corporation protection up to applicable limits, served as the cash side of the trade. Franklin Templeton provided the tokenized money market fund shares. These shares are not bank deposits and are not FDIC-insured; the fund’s $1-per-share objective is not guaranteed, and investors can lose money.

Transactions settled on the Canton Network using delivery-versus-payment through Fireblocks. This method links the transfer of fund shares with the corresponding payment so that both legs of the trade execute together, reducing settlement risk. Canton Network supplied the liquidity and settlement infrastructure that allowed the process to continue outside standard banking and market hours.

The arrangement let Uber keep cash invested and earning yield until the moment of disbursement, even when liquidating holdings over a weekend. Traditional systems often leave surplus funds idle from Friday close until Monday opening. The pilot showed that corporate treasurers can maintain yield while retaining the ability to access liquidity for working capital needs at any time.

Industry Participants and Next Steps

HSBC, Franklin Templeton, Tradeweb and Fireblocks jointly pioneered the solution. Manish Kohli, HSBC’s global head of payments, stated that the pilot confirmed the technology’s feasibility. The capability is already available to other U.S. corporate customers, and HSBC intends to expand the range of investment options beyond Franklin Templeton products.

Fireblocks Chief Executive Michael Shaulov projected that hundreds of companies could adopt comparable approaches within 18 months to generate additional interest on idle cash balances. The size of Uber’s investment and the precise dollar value of the extra yield were not disclosed.

HSBC had previously conducted related work with tokenized deposits, including an earlier pilot on Canton that simulated issuance, transfer and atomic settlement. Franklin Templeton had also connected its Benji platform to Canton to support institutional access to tokenized products. Uber’s earlier exploration of stablecoins for cross-border payments indicated ongoing interest in digital asset applications for treasury efficiency, though this pilot focused specifically on tokenized bank deposits and money market funds.

Implications for Corporate Cash Management

The test addresses a longstanding friction in corporate finance: the trade-off between earning yield and preserving operational liquidity when markets are closed. By settling on a public network with delivery-versus-payment, the participants showed that continuous investment and on-demand access can coexist.

The solution supports near-instant synchronized settlement of cash and asset legs. Corporate balances remain invested in the tokenized money market fund until funds are needed, after which the position can be liquidated and converted back to usable cash even on weekends or outside traditional hours.

While the pilot remains a demonstration rather than a scaled production service, the participating institutions described it as a concrete step toward more flexible, around-the-clock treasury operations. HSBC’s readiness to offer the capability more broadly to U.S. clients and its plan to add further investment products point to potential wider availability in the near term.