Bloomberg writes "Uber Joins HSBC, Franklin Templeton in Blockchain Investing Test." The article states, "The ride-​hailing company Uber Technologies Inc. used a public blockchain to invest its corporate funds in a way that allowed the company to capture higher returns by trading on a weekend -- a setup expected to be adapted by a growing number of companies in the coming months. Using HSBC tokenized deposits -- essentially bank funds represented by digital tokens on a blockchain -- Uber recently purchased a Franklin Templeton tokenized money market fund on a Thursday, and then sold it on Sunday as part of a pilot program with the financial institutions. That way, it was able to capture an extra 1.​5 days of yield instead of selling its investment on Friday, before traditional banks and markets closed, as companies typically do today." [Editor'​s Note: We think this article incorrectly assumes money funds and bank deposits don'​t pay interest on weekends. They do.] The brief tells us, "HSBC Holdings Plc, the London-​based bank, collaborated on the project with Franklin Templeton, Tradeweb Markets and Fireblocks. The Canton Network was used for liquidity and settlement. Many corporations are looking for new ways to increase treasury yields on their corporate holdings while reducing reliance on expensive overdraft facilities and credit lines." It adds, "The pilot is just the latest of many as Wall Street firms experiment with digital versions of securities, cash and bonds. In another recent test, nearly 40 firms traded stocks and Treasuries, posted collateral and met margin calls. Nearly $​40 billion in assets has been tokenized to date, according to RWA.​xyz, a drop in the bucket compared with traditional financial markets."

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