Uber has completed a pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks on the Canton Network, CoinDesk reports. It used HSBC tokenised deposits to buy shares in Franklin Templeton's tokenised money market fund through Tradeweb, with Fireblocks providing the wallet infrastructure. The company was able to redeem part of its holdings even over a weekend, with securities and payment settling together. The aim is to earn more on cash without losing access to it for payments.
What it means: The problem Uber is testing is an everyday one for any large company: money held in the account for payments earns little, while placing it in money market funds means waiting for redemptions, which are not available at night or at weekends. Holding bank deposits and fund shares on the same network allows moving between them at any hour, with less risk since both legs settle together. What matters is that commercial bank money was used rather than a stablecoin, which fits better with the regulatory framework for companies. In the Greek context, where most firms do not hold cash on this scale, the immediate use is limited. Still, larger groups, companies with many supplier payments and tourism businesses with seasonal receipts could benefit once European banks offer such services. The ECB's work on settlement in central bank money through Pontes points in the same direction, and Greek banks need to consider whether to offer tokenised deposits to their corporate clients.
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