Uber Participates in HSBC's Tokenized Deposit Pilot, Gains 1.5 Days of Extra Returns

Uber has participated in HSBC's tokenized deposit pilot, purchasing Franklin Templeton's tokenized money market fund on Thursday and selling it on Sunday, resulting in approximately 1.5 days of extra returns. The project was jointly completed by HSBC, Franklin Templeton, Tradeweb, and Fireblocks, providing liquidity and settlement through the Canton Network. Manish Kohli, Global Head of Payments at HSBC, stated that this pilot has validated the technical feasibility and is now open to other clients in the U.S., with plans to add more investment options in the future. Michael Shaulov, CEO of Fireblocks, anticipates that hundreds of companies will adopt this model within the next 18 months to earn additional interest on idle cash.

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