State Street and Galaxy Asset Management launched SWEEP, a tokenized cash-management fund for institutional investors on Solana, with expansion planned to Ethereum and Stellar. The fund generates yield on stablecoins with continuous blockchain operations.
State Street Investment Management and Galaxy Asset Management launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized cash-management vehicle for qualified institutional investors. SWEEP allows large investors to park stablecoins in a yield-generating fund that operates continuously on blockchain infrastructure, unlike traditional money market funds limited to market hours. The fund launches on Solana with planned expansion to Ethereum and Stellar. Galaxy provides tokenization infrastructure, Anchorage handles digital asset custody, and State Street manages traditional securities. The launch reflects institutional finance's broader shift toward blockchain-based market infrastructure and follows similar products like BlackRock's BUIDL.