HSBC, Franklin Templeton, Tradeweb Markets, Fireblocks, and Uber have completed a 24/7 liquidity and settlement solution demonstration on the Canton Network.
Uber purchased Franklin Templeton tokenised money market funds (MMFs) on Tradeweb using HSBC tokenised deposits through delivery-versus-payment (DvP) transactions on Canton via Fireblocks.
The initiative is designed for corporate treasurers managing working capital, enabling them to maximise yield and settle payments outside market hours.
The architecture combines always-on yield and on-demand payments with Canton’s privacy-preserving subnets, and closed-loop fiat settlement with tokenised deposits.
According to the consortium, the solution allowed Uber to liquidate a portion of tokenised fund holdings while continuing to earn yield throughout the investment, including over weekends.
The firms say the pilot improved working capital yield by reducing cash buffers while preserving liquidity access when payments are necessary.
Speaking on the initiative, Odette Rodrigues, vice president of corporate finance, treasury, and capital markets at Uber, says: “Always-on access to cash and the ability to put liquidity to work more efficiently are increasingly important to our business.
“This pilot is an important first step in our journey towards a more efficient, 24/7 model for managing our working capital.”
HSBC’s head of global payments solutions, Manish Kohli, comments: “Demonstrating interoperability of HSBC tokenised deposits on the Canton Network enables seamless delivery-vs-payment, empowering clients to deploy capital more effectively, while benefiting from 24/7 liquidity and continuous yield.”
Matt Jones, head of liquidity distribution at Franklin Templeton, notes: “Connecting tokenised investment products with bank-issued tokenised deposits is an important step towards making digital assets more useful in institutional treasury operations.”
Tradeweb co-head of corporate and head of global corporate sales Daniel Staniford remarks: “This pilot explores how those established electronic workflows could extend to tokenised money market funds and digital cash, enabling treasurers to remain invested for longer and convert holdings into funds for payment when and where needed.”
Yuval Rooz, co-founder and CEO of Digital Asset and creator of Canton, adds: “The breakthrough is the ability for regulated markets to operate as one connected system.”
Image: Maksym_Yemelyanov/stock.adobe.com 