Bloomberg: Uber’s Canton Pilot Reportedly Added 1.5 Days of Treasury Yield
Uber reportedly kept a treasury investment earning yield over part of a weekend using tokenized bank deposits and a tokenized money market fund. Bloomberg, as summarized by crypto.news, put the extra investment time at 1.5 days. The transaction size, dollar benefit and calculation were not disclosed.
- Uber reportedly bought the fund on Thursday and sold it on Sunday.
- The 1.5 days refers to extra time invested, not a 1.5% return.
- The result is a reported pilot outcome, not independently verified adoption data.
- The fund’s weekend dealing and settlement details remain unclear.
How the reported pilot worked
According to Bloomberg, Uber used tokenized deposits from HSBC to buy a tokenized money market fund from Franklin Templeton on Thursday, then sold it on Sunday. Canton reportedly supported liquidity and settlement. Tradeweb and Fireblocks were also named as participants, but the available reporting does not say what roles they played.
A tokenized money market fund represents interests or shares in a fund as digital tokens. Tokenized deposits are digital representations of claims against the bank that issues them, subject to the product’s legal terms. Tokenization changes how those claims are represented or transferred. It does not, by itself, remove exposure to the bank or the investment.
Bloomberg compared the reported result with a conventional treasury process that liquidates investments before markets close on Friday. The claimed benefit was more time earning the fund’s yield, not a higher annual rate or a 1.5% return.
But “sold on Sunday” leaves key details unanswered. The available account does not say whether an order was submitted, tokens were transferred, the fund redemption settled or cash was available for Uber to use. Those are separate steps. It also does not explain how the fund’s dealing rules allowed the reported weekend transaction.
A useful test, with important gaps
The 1.5-day figure comes from Bloomberg’s reporting and has not been independently verified in the information available here. The investment amount and dollar value of the extra earnings were not disclosed. The calculation, fees, settlement timing and operational requirements were not explained either.
The pilot is an intriguing technical demonstration, but it does not prove that tokenization reliably adds a known amount of value to corporate treasuries. The net benefit would depend on the investment size, fund terms, transaction costs and when the company needs access to its cash. The key question is not just how long the money stayed invested, but what the company earned after costs and whether the cash was available when needed.
HSBC’s tokenized deposit service is separate from the fund itself. In an announcement dated April 13, 2026, HSBC said its Tokenized Deposit Service had launched in the United States for eligible clients, enabling domestic and cross-border transfers around the clock. The bank listed the United States, Hong Kong, Singapore, Luxembourg and the United Kingdom, and the U.S. dollar, euro, British pound, Hong Kong dollar and Singapore dollar.
The announcement confirms the service’s U.S. launch, but not broad access to Uber’s specific investment workflow. And 24/7 transfers do not mean every investment fund accepts orders or completes redemptions at any hour. A digital payment rail can run continuously while an underlying investment product follows its own rules and schedule.
Industry plans are not proof of adoption
HSBC representative Manish Kohli described the pilot as a demonstration of technical readiness, according to the report. Bloomberg also reported that HSBC plans to extend access to U.S. corporate customers and offer investment choices beyond Franklin Templeton products. HSBC’s April service announcement does not confirm those product plans.
Fireblocks CEO Michael Shaulov has forecast that hundreds of corporations will adopt similar blockchain-based investment models within 18 months. That is an industry prediction, not a count of companies already using the approach. No adoption baseline or methodology was provided.
The reported pilot follows Franklin Templeton’s integration of its Benji platform with Canton in November 2025. That earlier connection suggests institutional infrastructure was in development before Uber’s test, but does not show the arrangement is now a widely available commercial service.
Uber’s earlier exploration of stablecoins is related only in the broad sense that both involve digital finance. In June 2025, CEO Dara Khosrowshahi said Uber was studying stablecoins for payments and possible cross-border savings. The reported treasury pilot instead used HSBC tokenized deposits and a tokenized money market fund. It does not show that Uber adopted stablecoins for payments.
For corporate treasurers, the appeal is straightforward: keep cash productive for longer without giving up access or control. Whether tokenized systems can deliver depends on the full transaction, not just how quickly a token moves. Fees, redemption rules, liquidity, legal claims and operational reliability will determine whether a weekend yield window matters or is merely impressive plumbing.
Key questions about Uber’s tokenized treasury pilot
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What did Uber reportedly do?
It used HSBC tokenized deposits to buy a Franklin Templeton tokenized money market fund on Thursday and reportedly sold it on Sunday. Canton, Tradeweb and Fireblocks were also named as participants.
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What does “1.5 extra days of yield” mean?
It means the investment reportedly earned the fund’s yield for 1.5 more days than under the conventional process described. It is not a 1.5% return or a reported increase in the fund’s annual rate.
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Was the money available to Uber on Sunday?
The available reporting says the investment was sold on Sunday, but does not clarify whether the redemption had settled or the cash was available to use.
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How much did Uber earn?
The investment amount and dollar value of the additional earnings were not disclosed. The calculation and transaction costs were not provided either.
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Are tokenized deposits the same as stablecoins?
No. Tokenized deposits represent claims against an issuing bank under the product’s terms. Fiat-backed stablecoins generally rely on issuer-managed reserves, though their legal and reserve structures vary.
