Uber is now using on-chain assets to “farm” weekend interest 😂
According to a Bloomberg report on 10/30, Uber and HSBC ran a pilot:
1️⃣ On Thursday, they used HSBC tokenized deposits to buy a tokenized money market fund from Franklin Templeton
2️⃣ They sold on Sunday, instead of liquidating before Friday’s close like traditional Treasury operations
3️⃣ The result: roughly 1.5 extra days of yield
4️⃣ Participants: HSBC, Franklin Templeton, Tradeweb, and Fireblocks, with Canton Network handling liquidity and settlement
HSBC’s head of payments, Manish Kohli, said the capability is now available to other U.S. corporate clients, and that investment options beyond Franklin Templeton will be added later. Fireblocks’ CEO is more bullish, expecting hundreds of companies to do this within 18 months.
My take:
The interest from 1.5 extra days is pocket change for Uber, but the significance isn’t the money—it’s that “the weekend never closes.” Corporate cash management has always been constrained by banking hours. The RWA narrative has been around for two years, and the killer use case that actually makes it into the real world may be something this unglamorous: letting CFOs’ idle cash work 24/7.
A few caveats: This was a pilot, and no amounts were disclosed; Fireblocks’ “hundreds of companies” is the CEO’s expectation, not a reported figure. What’s really worth watching is when HSBC announces its first corporate clients and the scale of the program.
Filtering, not financial education. This is not investment advice.
#RWA #Tokenization
According to a Bloomberg report on 10/30, Uber and HSBC ran a pilot:
1️⃣ On Thursday, they used HSBC tokenized deposits to buy a tokenized money market fund from Franklin Templeton
2️⃣ They sold on Sunday, instead of liquidating before Friday’s close like traditional Treasury operations
3️⃣ The result: roughly 1.5 extra days of yield
4️⃣ Participants: HSBC, Franklin Templeton, Tradeweb, and Fireblocks, with Canton Network handling liquidity and settlement
HSBC’s head of payments, Manish Kohli, said the capability is now available to other U.S. corporate clients, and that investment options beyond Franklin Templeton will be added later. Fireblocks’ CEO is more bullish, expecting hundreds of companies to do this within 18 months.
My take:
The interest from 1.5 extra days is pocket change for Uber, but the significance isn’t the money—it’s that “the weekend never closes.” Corporate cash management has always been constrained by banking hours. The RWA narrative has been around for two years, and the killer use case that actually makes it into the real world may be something this unglamorous: letting CFOs’ idle cash work 24/7.
A few caveats: This was a pilot, and no amounts were disclosed; Fireblocks’ “hundreds of companies” is the CEO’s expectation, not a reported figure. What’s really worth watching is when HSBC announces its first corporate clients and the scale of the program.
Filtering, not financial education. This is not investment advice.
#RWA #Tokenization