Uber joins HSBC, Franklin Templeton in blockchain investing test

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Uber pilots blockchain-powered treasury with HSBC, Franklin Templeton tokenized funds, aiming for higher yields and liquidity amid corporate cash shifts

By Bloomberg

Updated - October 31, 2026 at 10:08 AM.

The ride-hailing company Uber Technologies Inc. used a public blockchain to invest its corporate funds in a way that allowed the company to capture higher returns by trading on a weekend — a setup expected to be adapted by a growing number of companies in the coming months.

Using HSBC tokenised deposits — essentially bank funds represented by digital tokens on a blockchain — Uber recently purchased a Franklin Templeton tokenised money market fund on a Thursday, and then sold it on Sunday as part of a pilot program with the financial institutions. That way, it was able to capture an extra 1.5 days of yield instead of selling its investment on Friday, before traditional banks and markets closed, as companies typically do today.

HSBC Holdings Plc, the London-based bank, collaborated on the project with Franklin Templeton, Tradeweb Markets and Fireblocks. The Canton Network was used for liquidity and settlement. 

Many corporations are looking for new ways to increase treasury yields on their corporate holdings while reducing reliance on expensive overdraft facilities and credit lines.

“Corporate treasurers hold enormous amounts of cash that sits idle between payments, and until now there hasn’t been a good way to put it to work without giving up access to it,” said Michael Shaulov, the chief executive officer of Fireblocks. “We believe many major corporations and multinationals will use this model to earn additional interest on cash that would otherwise be idle, and I expect hundreds to begin using this model within the next 18 months.“

The pilot is just the latest of many as Wall Street firms experiment with digital versions of securities, cash and bonds. In another recent test, nearly 40 firms traded stocks and Treasuries, posted collateral and met margin calls. Nearly $40 billion in assets has been tokenized to date, according to RWA.xyz, a drop in the bucket compared with traditional financial markets.

This is not Uber’s first foray into blockchain technology. The company was part of the ill-fated Diem stablecoin initiative. Uber has also mulled using stablecoins — backed by fiat currencies like the dollar — for payments.

“With the pilot we were able to demonstrate technical readiness,” Manish Kohli, global head of payments at HSBC, said in an interview. “That is now available for deployment and expansion with other customers today. We are able in the US offer this capability to them. Over time we’ll look to expand the number of available investment options, in addition to Franklin Templeton.”

More stories like this are available on bloomberg.com

Published on October 31, 2026

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