State Street and Galaxy launch 24/7 tokenized fund

State Street and Galaxy launched SWEEP, a tokenized fund offering institutions 24/7 yield on stablecoins via blockchain, starting on Solana and expanding to Ethereum and Stellar.

State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized cash management vehicle designed for institutional investors. SWEEP enables qualified investors to deposit stablecoins into a yield-generating fund that operates continuously on blockchain infrastructure. The fund initially runs on Solana, with plans to expand to Ethereum and Stellar. SWEEP leverages Galaxy’s tokenization technology, Anchorage for digital asset custody, and Chainlink for onchain NAV calculation and messaging. It also supports subscriptions and redemptions using PayPal USD, providing seamless access for investors. Unlike traditional money market funds limited to market hours, SWEEP offers 24/7 access and liquidity, allowing investors to move capital at any time. This launch highlights the growing trend of tokenizing traditional financial products, following similar initiatives like BlackRock’s BUIDL and Franklin Templeton’s BENJI, and demonstrates increasing institutional adoption of blockchain-based cash management solutions.