Uber completes Canton Network pilot for 24/7 tokenised treasury liquidity

HSBC Bank USA, Franklin Templeton, Tradeweb Markets, and Fireblocks have announced the successful completion of a pilot on the Canton Network in which Uber served as the corporate client testing a round-the-clock liquidity and settlement solution. The workflow allowed Uber to hold cash invested in Franklin Templeton’s tokenised money market fund and liquidate positions on demand, including over a weekend, using HSBC Tokenised Deposits settled via atomic delivery-versus-payment transactions on Canton through Fireblocks infrastructure.

The structural problem the pilot targets is well established in institutional treasury: conventional money market fund redemptions are bound by market hours and T+1 or longer settlement cycles, forcing platform businesses and multinationals to maintain large uninvested cash buffers or lean on overdraft facilities. By keeping balances in a tokenised fund until the precise moment a payment is required, the pilot demonstrated that yield need not be sacrificed to preserve operational liquidity, with settlement occurring near-instantly in a single synchronised execution leg.

Several features were demonstrated in the exercise: always-on yield with on-demand disbursement, atomic delivery-versus-payment settlement, configurable wallet controls and signing rules via Fireblocks, and interoperability across bank liabilities, regulated fund shares, and Tradeweb’s electronic trading infrastructure without reliance on public bridge mechanisms. For corporate treasury desks at large platform or multinational companies, the pilot offers a concrete indication of what 24/7 settlement infrastructure on a public permissioned network can deliver, though it remains a pilot rather than a live production service.