State Street and Galaxy to Launch Tokenized Cash Sweep Fund
Launch of SWEEP Fund: State Street Investment Management and Galaxy Asset Management are set to launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund utilizing PYUSD stablecoin for transactions, aimed at 24/7 onchain cash management.
Initial Funding and Availability: The fund will be available to Qualified Purchasers with a minimum investment, and Ondo Finance is expected to contribute approximately $200 million to seed the fund.
Blockchain Integration: SWEEP will debut on the Solana blockchain in early 2026, with plans for future integrations on Stellar and Ethereum, leveraging State Street’s liquidity expertise and Galaxy’s digital infrastructure.
Custodianship and Market Watch: State Street Bank and Trust Company will serve as custodian for the fund’s assets, while Galaxy will manage tokenization; market participants will monitor the adoption of the onchain sweep functionality and the fund's growth potential.
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