Uber earns 1.5 extra days of yield in Canton blockchain pilot

Uber has tested a blockchain-based investment with HSBC and Franklin Templeton that earned an extra 1.5 days of yield by keeping corporate cash invested through part of the weekend. Summary Uber bought a tokenized money market fund on Thursday and sold the investment on Sunday. HSBC supplied tokenized bank deposits, while Canton supported liquidity and settlement for the pilot. U.S. corporate customers are among those HSBC plans to bring into the investment service. Fireblocks CEO Michael Shaulov expects hundreds of companies to adopt similar models within 18 months. According to Bloomberg, Uber used HSBC’s tokenized deposits to buy a Franklin Templeton tokenized money market fund. Tradeweb and Fireblocks participated in the transaction alongside the bank and asset manager. The report describes a corporate treasury pilot involving an actual purchase and subsequent sale. The amount Uber invested and the dollar value of its additional earnings were not disclosed. Uber’s weekend investment captured extra yield Having bought the fund on a Thursday, Uber sold its investment on Sunday. Bloomberg reported that the transaction earned an additional 1.5 days of yield compared with the conven...