HSBC Bank USA, N.A., working with Franklin Templeton, Tradeweb Markets, Fireblocks and pilot client Uber, announced on 30 October 2026 in New York the successful demonstration of a 24/7 liquidity and settlement solution on the Canton Network. The partners describe it as a first on-chain liquidity and settlement solution of its kind on a public network.
According to the release, Uber used HSBC Tokenized Deposits to purchase Franklin Templeton tokenized money market funds (MMF) on Tradeweb, through delivery-versus-payment transactions on Canton via Fireblocks. The solution also let Uber liquidate a portion of its tokenized fund holdings, including over a weekend, while continuing to earn yield throughout the investment lifecycle.
The treasury problem being addressed
The partners frame the pilot as a response to a structural dilemma for corporate treasurers: choosing between optimizing yield and keeping idle cash available for payment obligations that fall outside traditional banking hours.
The release says treasury departments typically face cutoff constraints and settlement cycles of T+1 or longer when liquidating MMF shares or moving commercial bank funds outside core operating hours. Platform and multinational companies, it adds, often hold sizable uninvested cash buffers or rely on overdraft facilities and credit lines, which raises their cost of capital.
By keeping eligible cash invested longer, the partners say the pilot showed the potential to improve working capital yield by reducing cash buffers while preserving access to liquidity when payments are required.
How the solution works
The release lists several features the partners say were demonstrated:
- Yield until disbursement: balances earn yield in Franklin Templeton's tokenized money market fund until the moment of payment.
- Atomic DvP settlement: the cash leg (HSBC Tokenized Deposits) and the asset leg (Franklin Templeton MMF) settle near-instantly and together in a single synchronized execution, which the partners say reduces settlement risk.
- Interoperability: operating on Canton, the solution connects bank liabilities, regulated fund shares and Tradeweb's trading infrastructure without relying on public bridges.
- Integrated trading: Tradeweb's electronic trading infrastructure coordinates execution and on-chain settlement.
- Configurable controls: Fireblocks wallet technology lets treasurers set wallet assets, signing rules and user entitlements.
- Closed-loop fiat settlement: tokenized deposits reflect commercial bank money held in HSBC demand deposit accounts, and redemption proceeds can only settle to KYC-verified corporate bank accounts.
According to the release, HSBC Tokenized Deposits represent deposit liabilities of HSBC Bank USA, N.A. and are FDIC-insured up to applicable limits.
What the participants say
Odette Rodrigues, VP, Corporate Finance, Treasury and Capital Markets at Uber, said the solution gives the company more flexibility to optimize yield on available cash while meeting payment obligations, and called the pilot an important first step towards a 24/7 model for managing working capital.
Manish Kohli, Head of Global Payments Solutions at HSBC, said demonstrating interoperability of HSBC Tokenized Deposits on Canton enables delivery-versus-payment with 24/7 liquidity and continuous yield. Matt Jones, Head of Liquidity Distribution at Franklin Templeton, pointed to the firm's Benji platform for bringing money market funds on-chain, while Daniel Staniford of Tradeweb said the pilot explores extending established electronic workflows to tokenized money market funds and digital cash.
Yuval Rooz, Co-Founder and CEO of Digital Asset, creator of Canton, said: "The breakthrough is the ability for regulated markets to operate as one connected system."
Why it matters
The pilot puts a large corporate treasury, a regulated bank's tokenized deposits and a tokenized money market fund in a single settlement workflow on Canton, a use case aimed squarely at institutional cash management. For builders, it shows bank money, fund shares and trading venue infrastructure interoperating on the network without relying on public bridges. It remains a pilot.
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Written by CantonCap's automated news desk from the sources below.
Sources
Cover photo: Uber offices, Mission Bay (July 2020) -1 by HaeB, CC BY-SA 4.0, via Wikimedia Commons, cropped.
