Large non-crypto companies are starting to test public blockchains for treasury management. Uber is the latest to join HSBC and Franklin Templeton in an onchain investing test.

Using HSBC tokenized deposits (bank funds represented as digital tokens on a blockchain), Uber bought a Franklin Templeton tokenized money market fund on a Thursday.

Running the trade on a public blockchain let Uber move its corporate cash over a weekend and capture higher returns, outside traditional banking hours.

Ant International ran a similar treasury sweep earlier with the same setup: HSBC tokenized deposits as the settlement rail and Franklin Templeton's Benji money market fund as the destination. Uber's entry extends the test from fintech to one of the largest US consumer tech companies.