State Street Investment Management and Galaxy Asset Management said on Dec. 10 they will launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund that uses PYUSD stablecoin for subscriptions and redemptions and targets 24/7 onchain cash management, according to a State Street press release.
The fund will initially be available to Qualified Purchasers meeting strict eligibility and minimums, with Ondo Finance expected to seed about $200 million. SWEEP is slated to debut on the Solana blockchain in early 2026, with future integrations on Stellar and Ethereum, combining State Street’s cash and liquidity expertise with Galaxy’s digital infrastructure and Chainlink-powered cross-chain interoperability.
State Street Bank and Trust Company will act as custodian for the fund’s treasury assets, while Galaxy provides the tokenization technology that issues and manages SWEEP tokens. Market participants will now watch how quickly qualified investors adopt onchain sweep functionality, how large the fund grows from its initial Ondo allocation, and whether the model expands to additional tokenized cash vehicles across multiple blockchains.
Source: State Street Investment Management (press release).
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