On-chain solution provides corporate treasury the flexibility to keep cash invested for continuous yield while accessing funds for working capital needs outside market hours

New York – October 30, 2026 - HSBC Bank USA, N.A. (“HSBC”), in collaboration with Franklin Templeton, Tradeweb Markets, Fireblocks, and pilot client Uber, today announced the successful demonstration of a 24/7 liquidity and settlement solution on the Canton Network (“Canton”) to help corporate treasurers manage working capital, seeking to maximize yield and access investments outside market hours to send payments.

Using HSBC Tokenized Deposits, Uber purchased Franklin Templeton tokenized money market funds (“MMF”) on Tradeweb, through delivery-versus-payment transactions on the Canton Network via Fireblocks. The solution also provided Uber the ability to liquidate a portion of tokenized fund holdings, including over a weekend, while continuing to earn yield throughout the investment lifecycle. This solution addresses a structural dilemma for corporate treasurers: the tradeoff between optimizing yield and keeping idle cash available for operational payment obligations outside traditional banking hours.

Traditionally, institutional treasury departments face cutoff constraints and multi-day settlement cycles (T+1 or longer) when liquidating MMF shares or moving commercial bank funds outside core operating hours. This is particularly challenging for platform and multi-national companies that need to hold sizable, uninvested cash buffers or rely on expensive overdraft facilities and credit lines, resulting in a significantly elevated cost of capital.

By keeping eligible cash invested longer, the pilot showed the potential to improve working capital yield by reducing cash buffers while preserving access to liquidity when payments are required. The workflow also supports continuous access to investment and settlement capabilities, no longer relegated to market hours.

The solution demonstrated several features relevant to institutional treasury operations:

• Always-On Yield with On-Demand Payments: Corporates no longer need to choose between cash yield and operational liquidity. Balances earn yield in Franklin Templeton’s Tokenized Money Market Fund until the moment of disbursement.

• Atomic DvP Settlement: Cash, (HSBC Tokenized Deposits), and asset (Franklin Templeton Money Market Fund) transactions are settled near-instantly and together in a single synchronized execution leg, reducing settlement risk. 

• Interoperability: Operating on the Canton Network, the solution natively bridges bank liabilities, regulated fund shares, and Tradeweb’s institutional trading infrastructure without relying on public bridge vulnerabilities.
• Integrated Trading and Settlement: The solution supports institutional and corporate access to tokenized money market funds, drawing on Tradeweb’s electronic trading infrastructure and workflow expertise to coordinate execution and on-chain settlement.
• Configurable Workflows: Corporate treasurers can retain granular control over wallet assets, signing rules, and user entitlements, powered by Fireblocks wallet technology. 
• Configurable Workflows: Corporate treasurers can retain granular control over wallet assets, signing rules, and user entitlements, powered by Fireblocks wallet technology. 
• Closed-Loop Fiat Settlement: Tokenized Deposits reflect commercial bank money held in HSBC Demand Deposit Accounts. Fiat proceeds from redemptions can only settle to KYC-verified corporate bank accounts, eliminating unbacked token issuance and destination address risk.

“Always-on access to cash and the ability to put liquidity to work more efficiently are increasingly important to our business,” said Odette Rodrigues, VP, Corporate Finance, Treasury and Capital Markets, Uber. “This solution gives us greater flexibility to optimize yield on available cash while meeting payment obligations seamlessly, reducing the need to maintain liquidity buffers. This pilot is an important first step in our journey towards a more efficient, 24/7 model for managing our working capital.”

“At HSBC, we’re pleased to collaborate with the ecosystem partners and Uber on this industry milestone.” said Manish Kohli, Head of Global Payments Solutions, HSBC. “Demonstrating interoperability of HSBC Tokenized 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.”

"Franklin Templeton has been at the forefront of bringing money market funds on-chain through our Benji platform,” said Matt Jones, Head of Liquidity Distribution, Franklin Templeton. “Connecting tokenized investment products with bank-issued tokenized deposits is an important step towards making digital assets more useful in institutional treasury operations. This pilot demonstrates how tokenization can help bridge the gap between investment liquidity and operational cash needs, while building the interoperable infrastructure needed to support the next generation of financial markets.”

“Corporate treasury teams already rely on Tradeweb to manage their cash efficiently. This pilot explores how those established electronic workflows could extend to tokenized money market funds and digital cash, enabling treasurers to remain invested for longer and convert holdings into funds for payment when and where needed,” said Daniel Staniford, Co-Head of Corporate and Head of Global Corporate Sales, Tradeweb. “As digital asset infrastructure matures, we see corporate treasury as a practical application, supported by the platforms clients use today.”

“The breakthrough is the ability for regulated markets to operate as one connected system,” said Yuval Rooz, Co-Founder and CEO of Digital Asset, creator of Canton. “Canton allows liquidity to move across institutional boundaries with the privacy and control the market requires, replacing fragmented operating windows with infrastructure that can function continuously.” 

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About HSBC Bank USA, N.A.

HSBC Bank USA, N.A. is an indirectly wholly owned subsidiary of HSBC Holdings plc and a member of the HSBC Group. HSBC Bank USA, N.A. is a nationally chartered bank regulated by the Office of the Comptroller of the Currency and the Federal Reserve Board. Member FDIC.

HSBC Tokenized Deposits represent deposit liabilities of HSBC Bank USA, N.A. and are FDIC-insured up to applicable limits. HSBC Bank USA, N.A. is a Member FDIC.

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.79 trillion in assets under management as of 30 September 2026. To learn more, visit franklintempleton.com and follow us on LinkedIn.

Experiences noted may not be representative of the experience of other customers. Testimonials are no guarantee of future performance or success.

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All investments involve risk, including loss of principal. There are risks associated with the issuance, redemption, transfer, custody, and record keeping of shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain technology would be subject to risks, including the following: blockchain is a rapidly-evolving regulatory landscape, which might result in security, privacy or other regulatory concerns that could require changes to the way transactions in the shares are recorded. The fund's yield may be affected by changes in interest rates and changes in credit ratings. These and other risks are discussed in the fund’s prospectus. Franklin Distributors, LLC Member FINRA/SIPC

Franklin Distributors, LLC Member FINRA/SIPC

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $3.0 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

About Canton

Canton is the only public, permissionless blockchain purpose-built for institutional finance– uniquely combining privacy, compliance, and scalability. With participation from leading global financial institutions and network governance independently facilitated by the Canton Foundation, Canton enables real-time, secure synchronization and settlement across multiple asset classes on a shared, interoperable infrastructure. The open-source network is powered by its native token, Canton Coin, and supports decentralized governance and collaborative application development. It’s the proven link between the promise of blockchain and the power of global finance, making finance flow the way it should. Learn more at: canton.network.

About Fireblocks

Fireblocks is the world’s most trusted digital asset infrastructure company, empowering global institutions to build, manage and grow their business on the blockchain. With the industry’s most scalable and secure platform, we streamline stablecoin payments, settlement, custody, tokenization, trading, accounting operations, and compliance reporting - enabling everything from institutional finance to consumer-facing digital experiences across the largest ecosystem of banks, payment providers, stablecoin issuers, exchanges and custodians. Thousands of organizations - including Worldpay, BNY, Galaxy, and Revolut - trust Fireblocks to secure $16 trillion in digital asset transactions across 200+ blockchains. Learn more at fireblocks.com.