Uber Gains 1.5 Days of Yield Through HSBC’s Tokenized Money Market Fund Pilot

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Uber increased its cash yield by 1.5 days through HSBC’s tokenized money market fund pilot. Using tokenized deposits, Uber purchased Franklin Templeton’s fund via MetaEra on Thursday and sold it on Sunday, avoiding weekend inactivity. The project involved Tradeweb, Fireblocks, and Canton Network for liquidity. HSBC’s Manish Kohli confirmed the model is now available to U.S. clients. Fireblocks CEO Michael Shaulov anticipates rapid adoption, with hundreds of firms likely to follow. On-chain data shows growing interest in altcoins for yield optimization.

ME News reports that on October 30 (UTC+8), Uber recently participated in a HSBC pilot, using HSBC’s tokenized deposits to purchase Franklin Templeton’s tokenized money market fund on Thursday and selling it on Sunday. Compared to the typical corporate practice of selling before traditional banks and markets close on Friday, Uber gained approximately 1.5 additional days of returns. The project was jointly conducted by HSBC, Franklin Templeton, Tradeweb, and Fireblocks, with liquidity and settlement provided via the Canton Network.
Manish Kohli, Global Head of Payment Services at HSBC, said the pilot has validated the technical feasibility, and the feature is now available to other customers in the U.S., with additional investment options beyond Franklin Templeton expected to be added in the future. Michael Shaulov, CEO of Fireblocks, anticipates that hundreds of businesses will begin adopting this model within the next 18 months to earn additional interest on idle cash. (Source: Foresight News)

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