Uber has completed a test using a tokenized money market fund to extend the trading window for its investments beyond traditional market hours. By selling assets on a Sunday rather than Friday, the ride-hailing company accrued 1.5 additional days of yield compared to standard institutional trading practices.
The test involved a collaboration between Uber, Franklin Templeton, HSBC Holdings, Fireblocks, and Tradeweb Markets, executed on the Canton Network, a blockchain platform designed to support institutional operations.
According to Fireblocks CEO Michael Shaulov, tokenization addresses a key corporate finance challenge: deploying idle capital while maintaining liquidity. "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," Shaulov told Bloomberg.
Manish Kohli, global head of payments at HSBC, noted the bank's readiness to facilitate such operations. "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," he stated.
The pilot reflects broader industry adoption of tokenization. Goldman Sachs CEO David Solomon recently highlighted tokenization as an important market trend, noting the bank has tokenized bonds, money market funds, and real estate for select customers.
The tokenized asset market remains nascent, with approximately $40 billion in assets tokenized as of the test date, according to RWA.xyz.
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